{"id":51065,"date":"2023-05-23T08:52:34","date_gmt":"2023-05-23T12:52:34","guid":{"rendered":"https:\/\/insi.net\/?p=51065"},"modified":"2023-05-23T08:52:34","modified_gmt":"2023-05-23T12:52:34","slug":"customized-sox-risk-assessment","status":"publish","type":"post","link":"https:\/\/insi.net\/insi-articles\/customized-sox-risk-assessment\/","title":{"rendered":"SOX Risk Assessment for Your Public Company or Accounting Firm"},"content":{"rendered":"

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Sarbanes Oxley Act (SOX) for Your Public Company or Accounting Firm in Marietta & Atlanta, GA.\u00a0<\/span><\/h2>\n

A Customized Sarbane Oxley Act Risk Assessment could be vital for your Atlanta organization. If you are a public company, an accounting company for public companies, or owe money to the US Securities and Exchange Commission, the SOX risk assessment is right for you.<\/p>\n

SOX HIstory<\/h2>\n

The Sarbanes Oxley Act, aka Sarbox or SOX, was enacted in 2002. In the Senate, people know it as the “Public Company Accounting Reform and Investor Protection Act.” However, the House refers to it as the “Corporate and Auditing Accountability, Responsibility, and Transparency Act” intended to protect shareholders and the general public from organizations’ accounting errors and fraudulent practices.<\/p>\n

In 2016, Representative Jim McDermot proposed a new bill called the Cybersecurity Systems and Risk Reporting Act to bring the bill’s security standards up to date. Unfortunately, the rules are so vague right now; it is up to the interpretation of the person reviewing it.\u00a0<\/span><\/p>\n

Requirements of SOX Risk Assessment<\/h2>\n

SOX Risk Assessment requires companies to maintain financial records for seven years. Other important characteristics include:<\/span><\/p>\n