Sarbanes-Oxley | Sarbanes-Oxley Act
The Sarbanes-Oxley Act (SOX) was put into place in 2002 as a way to improve investor confidence after multiple financial scandals from major enterprises, such as Enron and Tyco. The act seeks to protect consumers and shareholders from fraudulent practices and accounting errors from businesses. All public companies are required by law to comply with the regulations set forth in SOX.
Both Financial and IT
Despite sounding like more of a financial compliance issue, IT is affected as well. The act includes compliance requirements for electronically storing financial records. While the Sarbanes-Oxley Act doesn’t specify anything about hardware or security, it does require businesses to store certain types of records for at least five years. Otherwise, the business could face stiff penalties.
The problem for businesses is finding an effective way to archive years of electronic records and messages securely. Some of the top challenges for IT include:
Businesses must ensure all records as required by SOX are stored for the minimum amount of time required.
Every business will have a different strategy when it comes to storing and maintaining the integrity of electronic business records. We work with you to develop a compliant strategy and ensure your business remains compliant through scheduled audits.
For more details on how the Sarbanes-Oxley Act affects your business, contact us today. We’ll provide you with IT support, compliance auditing and guidance to keep your systems compliant.