The Sarbanes-Oxley Act (SOX) is a federal law that sets requirements for public companies to protect investors from fraudulent financial reporting. Completing audits and ensuring SOX compliance can be very costly and time-consuming.
SOX Control Testing is an Application in Risk Cloud that assists publicly traded companies in meeting the requirements specified in SOX and reduces the associated costs of completing audits.
SOX was passed in 2002 to help protect investors from fraudulent financial reporting by setting up regulatory requirements around internal controls and financial disclosure.
The SOX Control Testing Application supports control owners, compliance departments, internal audit teams, and external auditors in assessing and maintaining SOX compliance. It periodically tests and reports on the adequacy of a company’s internal controls over financial reporting (ICFR). Strong, well-documented, and automated controls enable audit teams to efficiently assess and test within the Application. It consolidates all documentation and evidence into one central location to reduce the time it takes for your company to complete external audits.