SOX

Sarbanes-Oxley gives corporations no room for error. Today, all public companies with stock listed on US stock exchanges are required to meet SOX requirements. Not a single material weakness is allowed in their internal controls. Businesses, therefore, must also demonstrate a commitment to trade compliance, including procedures for:

  • Restricted party screening or denied party screening
  • License determination
  • HTS Classification
  • Preferential Trade agreements, such as between EU-South Korea

The Public Company Accounting Reform and Investor Protection Act, most commonly referred to as the Sarbanes-Oxley Act (SOX), is comprehensive legislation intended to reform the accounting practices, financial disclosures and corporate governance of public companies.

SOX mandates that organizations ensure the accuracy of financial information and the reliability of systems that generate it. Section 404 of SOX requires that management perform an assessment of internal controls over financial reporting and obtain attestation from external auditors, on an annual basis. In today’s businesses, information technology (IT) systems are inextricably linked with financial reporting, and information security is essential in ensuring the reliability of these systems.

http://www.ecustoms.com/Sarbanes-Oxley.cfm