SOX Kicks In Next Week
An eWeek article explains:
Beginning next week, companies that have public float, or publicly owned shares, exceeding $75 million and that have fiscal years ending on or after Nov. 15 must comply with internal control reporting and disclosure requirements per Section 404 of the Sarbanes-Oxley Act of 2002. Companies with less than $75 million in public float have until July 15 to comply with Section 404.
As my previous blog has mentioned, you need to make sure that
- records are logged in reasonable details, accurate and reflect the transactions
- assurance that transactions are being recorded
- assurance that prevention or timely detection of unauthorized acquisition, use of disposition of the assets that could have a material effect on the financial statements
Log management is a critical component in accomplishing this task.
Do you have an infrastructure and solution in place to review your logs?
p.s. Thanks to joatBlog for the article link.