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The Real Source of SOX Woes

The Real Source of SOX Woes

by Rick Turoczy on September 14, 2006

Sarbanes-Oxley is about restoring investor confidence in publicly traded companies by attempting to ensure that the financial reports that they present to the investing public are accurate.

As a result, public companies have been forced to review and implement controls to help ensure that risks to the financial reporting process are properly managed. Of course, fraud and malicious activities get a lot of trade press and management attention, but the far greater risk to the integrity of financial reporting is human error.

In today’s high-speed complex enterprises, errors in the programming of an application, interface or spreadsheet, can lead to mistakes in the financial reports that are disclosed to the public. The dollar amount of the mistake can range from immaterial up to very material with significant repercussions.

The Real Source of SOX Woes

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