What is SOX Compliance (Meaning of SOX)?
In 2002, the United States Congress passed the Sarbanes-Oxley Act (SOX) to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises, and to improve the accuracy of corporate disclosures. The act sets deadlines for compliance and publishes rules on requirements.
What is J-SOX?
The Financial Instruments and Exchange Act or J-SOX is the Japanese equivalent of SOX in Japan that the organizations in Japan need to comply with.
SOX compliance and J-SOX compliance are not just legal obligations but also good business practices. Companies are required to operate ethically with limited access to internal financial systems.
Why are SOX Compliance and J-SOX Audit & Compliance Needed?
SOX/J-SOX provides the framework for organizations for financial recording and reporting, which in turn improves many aspects of the organization. SOX compliance help companies report that the financial reports are more predictable, which makes stockholders contended. Companies also report that it makes access to capital markets much easier due to their improved financial reporting.
SOX compliance or J-SOX compliance improves cross-functional communication & cooperation between teams involved with audits.
Applicability of SOX Compliance/SOX Audit/SOX Controls:
Applicability of J-SOX Compliance/J-SOX Audit/J-SOX Controls:
If you’re looking for SOX auditor/SOX audit or JSOX audit firms in India, then our comprehensive SOX or JSOX advisory services are there to help you remain compliant:
Our offerings under SOX Audit & Compliance and J-SOX Audit & Compliance:
Project Management/Outsourcing: The process of outsourcing the documentation arrangement for SOX testing by the other country auditor
SOX and J-SOX Risk Control & Assessment Matrix: Identifying and analyzing potential events that may negatively impact individuals, assets, and/or the environment; and making judgments “on the tolerability of the risk-based on a risk analysis” while considering influencing factors
SOX & J-SOX Control Documentation & Framework: Document control refers to a series of practices to ensure that documents are created, reviewed, distributed, and disposed of in a systematic, verifiable manner
Detailed SOX & J-SOX Control Compliance Testing: Periodic, independent, and objective assessment of compliance-related processes and/or controls to ensure whether the elements, processes, and controls of the Compliance Programme are de-signed appropriately and are operating as designed.
Remediation of Control Weakness: Development of written policies & procedures, perform reconciliations regularly, adequate training to employees, and perform self-evaluation of defined Internal controls. These include:
Implementation: Implementation of Control Framework is defined in the previous stages including testing results failures. These include:
Areas of Review:
Key benefits of our SOX and J-SOX Advisory Services:
Our SOX/JSOX Service Deck:- Applicability of SOX and J SOX
To know more about SOX and J-SOX Audit Compliance and Reporting Services Watch this video
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