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The Changing Interaction of Finance, Information and Technology
Finance & Accounting
Pages 4 (1004 words)
Changing interaction of finance, information and technology The Sarbanes Oxley Act was enacted to safeguard investors by making new guidelines for corporate guidelines and also suggesting penalties for the failure to do. “The Sarbanes-Oxley Act created new standards for corporate accountability as well as new penalties for acts of wrongdoing.” (Sox Onlin, 2011) The act has put tremendous pressure on the IT management system of the companies.
This has raised questions on the efficiency of the IT departments of companies in carrying out the requirements as stipulated in the act. There were also criticisms about the failure of SOX act in various aspects related to the IT. This paper discuss about the impact of S-OX act on the IT department and a review about the various aspects about the act. “IT supports the corporation’s drive to comply with SOX by securing and protecting financial data on the network.” (Networkinstruments.com, 2011) The Act requires the companies to impart the compliance process as an integrated business process. The Act also requires continuous risk management and also regular checks about the IT control measures that are put into place as per the Act. The act also put additional accountability on the officers or firm which attests that the companies’ financial reports are true and represents the present state of the firm. The relevant components for the S-OX are internal environment, Risk assessment, Control activities, Information and communication and Monitoring. ...
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