Are you a graduate in CA? Are you capable enough to handle auditing in various companies? Are you interested to work as a SOX compliance manager? Are you blessed with excellent analytical skills? Then log on to www.wisdomjobs.com. which delivers with latest tips in getting jobs? SOX compliance is an act which was found to protect investors from accounting errors and fraudulent practices in enterprises, and to improve the accuracy of corporate disclosures. SOX compliance manager assists the higher level management in giving details about the control objectives and monitoring the compliance efforts. SOX compliance benefits the organizations more than one can expect. You have a wide scope in this field as SOX compliance manager, compliance officer, senior analyst, senior compliance officer, SOX compliance auditor, IT compliance manager and many more. So, have a glance at our SOX compliance job interview questions and answers.
Information should be considered nonpublic if it isn't widely disseminated to the general public, including electronic information. Unauthorized disclosure of nonpublic data is a violation of federal securities laws. This information should be protected, but it should also be monitored to ensure it isn't disclosed inappropriately.
Section 404 describes management's responsibility for building internal controls around the safeguarding of assets related to the timely detection of unauthorized acquisition, use or disposition of an entity's assets that could have a material effect on the financial statements. You need to demonstrate that you have the capabilities to monitor, detect and record electronic information disclosures.
Question 2. Since So Much Nonpublic Information Is Communicated Beyond E-mail Based On The Simple Mail Transfer Protocol, How Can We Build Internal Controls To Adequately Detect The Timely Disclosure Of Information Flowing Over Web Mail, Chat, Or Http?
In today's networked world, it's not just about e-mail. Management can't ensure the truthfulness or accuracy of financial data if it doesn't have the means to monitor the movement of sensitive information across the entire corporate network 24 hours a day, seven days a week.
Demand more from technology. New products are available that can monitor electronic disclosure of nonpublic information and aren't limited to SMTP-based e-mail. These technologies can monitor, record and provide alerts on electronic disclosures by analyzing all information flowing over the corporate network from Web mail and chat to file transfer protocol and HTTP. This type of monitoring technology combined with a storage system that allows forensic searches into stored information can prove invaluable if an investigation is required.
The use of nonpublic information concerning a company or any of its affiliates (a.k.a. "inside information") in securities transactions ("insider trading"), may violate federal securities laws.
Penalties can include:
Compliance programs should be designed to detect the particular types of operational risks most likely to occur in a corporation's lines of business.
No compliance program can ever prevent 100% of misconduct by corporate employees. Nor do the regulations state that you must prevent internal disclosures --including electronic disclosures -- from happening.
If investigated, you will need to show due diligence that you have the ability for an appropriate and rapid response to detect and deter misconduct that exposes your company to operational risk that may have a material effect on your business.
The Public Company Accounting Oversight Board was created through the Sarbanes-Oxley Act to oversee the auditors of public companies. The board recently approved Auditing Standard No. 2, an audit of internal control over financial reporting conducted with an audit of financial statements. The new standard highlights the benefits of strong internal controls over financial reporting and furthers the objectives of Sarbanes-Oxley.
Today, an offensive rather than a defensive compliance program is important.
Deploy strategies that provide you with the evidentiary support you need when things go wrong. New network security appliances designed to capture and record all electronic communication can provide forensic capabilities with automated reporting that corresponds to compliance needs.
These solutions must be deployed within an overarching compliance strategy that aligns with the business to continuously:
Section 804 of Sarbanes-Oxley extends the statute of limitations in private securities fraud actions to the earlier of two years after the discovery of the facts constituting the violation or five years from the violation.
The CEO and the CFO must certify all financial statements filed with the SEC. The maximum penalty for Securities Exchange Act violations has increased to $5 million for individuals and $25 million for entities, as well as imprisonment of up to 20 years.
Section 802 of Sarbanes-Oxley states, "Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any records, documents, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any department or agency of the U.S. ... or contemplation of any such matter or case, shall be fined ... imprisoned not more than 20 years, or both."
If nonpublic information is inappropriately disclosed on your network, you must rapidly execute a response program to identify the extent of the exposure, assess the effect on the corporation and its customers, and notify all affected parties.
Section 409 of Sarbanes-Oxley mandates that companies publicly disclose additional information concerning material changes in the company's financial condition or operations. While Sarbanes-Oxley contains many reporting requirements, real-time identification of material changes and disclosures (the consensus being 48 hours) is the most significant challenge.
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