SOX has evolved and grown more prevalent in e-commerce and marketplace. In order to keep up with the trend, your company MUST comply with SOX.
The Sarbanes-Oxley Act is used to protect the public from fraudulent accounting activities by businesses in order to bolster public trust. But that’s not all it does. It also gives businesses the chance to attain competitive advantage in the market.
GAINING AN ADVANTAGE IN THE MARKET
Achieving SOX compliance is a long, exhilarating, and delicate process. You have to prove that you have an adequate control environment to ensure the accuracy of your financial reporting. But, as tough as it may seem, there are benefits in store.
The process will benefit your business by bringing in more revenue whilst giving you the upper hand in your dealings with the big guys. And all you have to do is achieve SOX compliance by creating and sustaining an effective control environment for your own business.
Many American businesses, both big and small, have a SOX-related mindset. They are in the race for SOX compliance, and mostly work with other businesses in the same race. So, you have a lot to gain from efficiently managing your own processes and corporate solutions.
The short answer? If your product or service is incompatible with another company’s SOX plan, it will not do business with you.
THAT’S WHERE A2Q2 COMES IN…
Our goal is to have you meet SOX compliance standards. We do this to help your ecommerce product/service gain more credibility and grow in the market.
- Conducting a controls assessment to prevent fraud, leakage, or loss of vital financial data or information.
- Implementing mechanisms to enable rapid detection of control deficiencies.
- Using the Control Objectives for Information and Related Technology (COBIT) framework to help you develop strong IT controls for your financial reporting.