Sarbanes-Oxley Overview

Signed into law on July 30, 2002, the Sarbanes-Oxley (SOX) Act mandates highly significant changes to financial practices and corporate governance regulation.  Administered by the Securities and Exchange Commission, SOX aims to prevent such corporate scandals as the Enron and Worldcom cases.  It requires U.S.-traded companies to follow stringent new rules "to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws." The intended result is fraud prevention and increased investor confidence.

Essentially, SOX establishes new levels of accountability for corporate officers and directors, which means they must maintain tighter internal control of financial reporting.  Chief executive officers and financial officers must now certify the "appropriateness of the financial statements and disclosures contained in the [annual] report, and that those financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the issuer."  SOX also mandates which business records must be held and for how long.  Penalties for noncompliance may include both fines and prison sentences.

Many corporations have found that putting SOX regulatory controls in place can be difficult, expensive and time-consuming.  That is why ARGOS has developed methods to make SOX compliance easier, less costly, and more efficient.  As a prerequisite, ARGOS uses strong General Computer Controls (GCCs) to ensure a reliable IT environment.   Then the ARGOS Regulatory Compliance Architecture not only supports compliance, but strengthens the infrastructure of corporate business operations.  The resulting cost reduction and process improvement provide an added incentive for corporations to choose ARGOS for their compliance needs.   

Find out how ARGOS can reduce your SOX compliance costs... contact us for a free consultation.