New Corporate Compliance Requirements.
CEOs and CFOs are mandated to comply with the Sarbanes-Oxley (SOX) Act, enacted in 2002 to promote stronger corporate governance leading to restored investor confidence in:

• US-owned public companies
• Multinational public companies with listings on US stock exchanges
• Multinational public companies with operations in the US generating more than 5% of their total revenue

Sarbanes-Oxley compliance is being mandated in stages from large US businesses to small US and international businesses. Compliance to Sarbanes-Oxley is accomplished by:

• Mapping and documenting all of the major processes a company uses
• Implementing and testing controls to prevent deviation from the processes
• Alerting corporate management in situations where processes may be compromised

Impact on Financial Reporting and IT Systems.
There are four sections of the 11-part Sarbanes-Oxley Act that impact financial reporting and IT systems.

• Section 302 requires the CEO and CFO to certify that SEC filings are accurate and the company’s controls are sufficient
• Section 404 requires companies to provide a one-time control report to attest to the integrity and of their financial-related data handling processes including safeguards from fraud and sabotage
• Section 409 requires companies to disclose material events and financial information in real-time
• Section 802 requires companies to store readily accessible audit documents and financial

Total Enterprise Compliance Solutions.
NEC Global Services helps companies choose between various Sarbanes-Oxley implementation options from complete systems and technology overhauls, to business process and IT control improvements, to incrementally improving ERP systems. We use the NEC Global Delivery Methodology to catalog, document, and test business and IT processes, close reporting and accountability loopholes, and patch potential security and internal control vulnerabilities.

Any Sarbanes-Oxley implementation should include an evaluation and testing of IT controls, security measures, data availability, backup and recovery capability, and training.

NEC Global Services provides the total enterprise compliance solution. We work closely with expert Sarbanes-Oxley partners and tools to document and manage workflows and enable the following:

• Complete Sarbanes-Oxley compliance:
• Reduced time to compliance
• Increased network security
• Foundation and training for continued corporate compliance
• Business data visibility for increased productivity and process optimization

Compliance Yields Productivity.
Businesses that conduct Sarbanes-Oxley compliance audits and implement supporting processes often realize additional benefits. The instant availability of financial data creates operations visibility, process efficiencies, and improved productivity.

To learn more about NEC’s Corporate Compliance solutions, contact us.

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