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Sarbanes-Oxley
The Sarbanes-Oxley Act (SOX) was passed by
U.S. Congress in 2002, to "protect investors by improving the accuracy and
reliability of corporate disclosures..." New mandates include strong
internal controls, senior management certification of financials, and
independent oversight.
Audit committees have expanded responsibilities,
such as establishment of procedures for the receipt, retention, and
treatment of complaints regarding internal financial controls. Included is a
whistleblower mechanism to receive confidential, anonymous submissions of
concerns regarding wrongdoing. These rules, and others adopted by the SEC
and the stock exchanges, reinforce the need for company codes of ethics,
supported by enhancements to the governance process.
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Section 302 (Corporate Responsibility
for Financial Reporting) pertains to CEO/CFO responsibilities regarding
statement certification and the maintenance of internal controls.
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Section 404 (Management Assessment of
Internal Controls) pertains to Management responsibilities regarding
internal control structure and processes.
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Section 409 (Real Time Disclosures)
pertains to the timely disclosure of material events that may affect
performance.
VSS
provides businesses with services needed to meet SOX compliance. These
include workflow analysis, add-on integration with existing systems (to
ensure that financial analysis and reporting mechanisms are in place),
electronic record collection, backup storage and retrieval systems, complaint
resolution systems, and maintenance-related training and support.
Contact
VSS today via email at
b-continuity@vssiOnline.com or by telephone at 954-572-8538.
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Business Continuity |
Regulatory & Compliance |
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