SAP SOX Compliance
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What Is SOX Compliance?
The Sarbanes-Oxley Act (SOX) of 2002 requires financial transparency by U.S. public companies, ensuring their data is secure and accurate. Drafted by Congressmen Paul Sarbanes and Michael Oxley following several U.S. corporate and financial scandals, SOX compliance means having a formalized system for internal controls — one that provides full financial transparency.
In a blog post, the criticality of SAP governance, risk management, and compliance (GRC) for SOX compliance is explored. The author points out that two sections (Section 302 and Section 404) are the most important and relevant for SAP GRC and finance users.
What Is SOX Compliance?
The Sarbanes-Oxley Act (SOX) of 2002 requires financial transparency by U.S. public companies, ensuring their data is secure and accurate. Drafted by Congressmen Paul Sarbanes and Michael Oxley following several U.S. corporate and financial scandals, SOX compliance means having a formalized system for internal controls — one that provides full financial transparency.
In a blog post, the criticality of SAP governance, risk management, and compliance (GRC) for SOX compliance is explored. The author points out that two sections (Section 302 and Section 404) are the most important and relevant for SAP GRC and finance users.
An SAP SOX compliance checklist should address the following:
- Segregation of duties
- SAP GRC monitoring
- Safeguard SOX audit trails against emergency access
- Automate SAP audit reporting
Further Resources for SAPinsiders
Accounting & Finance Expands Its Influence. In this article, learn how UGI Utilities developed a strategic roadmap to better anticipate internal and external demands on the business — including regulations such as SOX. The utility shares how using BlackLine and its task functionality provides intuitive controls for SOX compliance.
Beyond SOX: Addressing non-financial risks through SAP configuration and sound supporting processes. Often, compliance is a focal point during SAP implementation to ensure compliance with financial reporting and regulations, such as SOX. However, there are optional SAP controls that could provide even more value to companies’ SAP system and supporting processes. In this session, Steve Biskie from RSM shares how to minimize and mitigate operational and strategic risks through SAP configuration. Understand who in the organization should be involved in recommending and validating control changes, and how to set up an appropriate cross-functional team to ensure decisions are sound and don’t introduce other risks.
Bridging the Cybersecurity Gap in IT General Controls (ITGC). Compliance with regulations like SOX often require a set of controls in place to mitigate risks to the integrity of financial reporting. Current ITGC testing performed by internal and external auditors is only focused on one slice of access risk. In this session, Brian Tremblay from Onapsis shares why it’s critical to understand the threats that exist to your SAP system beyond the current ITGC scope and how they relate to compliance with SOX.
A vendor that can help SAP customers with SOX compliance is Appsian Security. The provider offers a single platform for automating how users secure user identity, govern access, detect and prevent fraud, and demonstrate compliance with SOX, the General Data Protection Regulation, and more across critical business applications.
525 results
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Internal Controls: The Journey from Compliance to Risk Management
Reading time: 11 mins
See how to make compliance more operational with a more preventative, integrated approach that emphasizes risk management over compliance. By embedding more controls into this approach, your organization achieves greater efficiency and lower compliance testing costs than in the more manual report and review model that many companies use. Key Concept The Sarbanes-Oxley Act prompted…...…
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Properly Manage Your GRC Initiatives with Standardization, Optimization, and Automation
Reading time: 22 mins
Effective controls ensure that a company complies with regulatory requirements, but they should also be cost effective. Standardization, optimization, and automation can improve the efficiency and cost-effectiveness of compliance. Key Concept CFOs frown on the idea of reducing the number of controls in a process. However, having many controls does not necessarily yield all the…...…
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Due Diligence in M&A Transaction: How SAP Helps Mitigate Risks
Reading time: 13 mins
Due diligence is a key step during mergers and acquisitions (M&A). SAP offers four tools (SAP BusinessObjects Watchlist Security; SAP BusinessObjects Governance, Risk, and Compliance solutions; SAP BusinessObjects Access Control; and SAP StreamWork) to help you mitigate risk during the M&A transaction. Key Concept A merger and acquisition (M&A) process is intense and complex spanning…...…
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Due Diligence in M&A Transaction: How SAP Helps Mitigate Risks
Reading time: 13 mins
Due diligence is a key step during mergers and acquisitions (M&A). SAP offers four tools (SAP BusinessObjects Watchlist Security; SAP BusinessObjects Governance, Risk, and Compliance solutions; SAP BusinessObjects Access Control; and SAP StreamWork) to help you mitigate risk during the M&A transaction. Key Concept A merger and acquisition (M&A) process is intense and complex spanning…...…
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How SAP BusinessObjects Global Trade Services Improves Compliance Checks on Logistics Documents
Reading time: 6 mins
Learn about functionality that enhances the transactions and document processing of export and import compliance and declarations. Understand the new plug-in that allows you to manage an SAP BusinessObjects Global Trade Services-specific implementation or upgrade independent of other functions or modules. In addition, see how to perform shipment consolidation for better management and cost savings…....…
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Simply Securing a System Is No Longer Sufficient
Reading time: 5 mins
By Robert Holland, VP Research, SAPinsider Securing an SAP system used to involve checking access and process controls and ensuring that the most recent SAP Notes had been applied. Now it involves not only ensuring that the system itself is up to date but must address cybersecurity and compliance issues as well. The Threat Landscape…
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3 Consequences of Mismanaging E-Invoicing Compliance for SAP Customers
Reading time: 4 mins
Of all the issues SAP customers have to address when updating IT infrastructures and ultimately moving to SAP S/4HANA, tax compliance, at first blush, seems to be one of the most mundane. There’s not much excitement in making sure financial systems are compliant with global regulations for enforcing value-added tax (VAT) laws. But mishandling tax…
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Build and Implement a Rock-Solid Compliance Framework for Your IFRS Conversion Project
Reading time: 24 mins
Many countries already operate under International Financial Reporting Standards (IFRS), while the US, among other countries, may be joining the fray. To simplify the conversion from your local reporting standard to IFRS and better manage the associated compliance risk, organizations must adopt strategies and best practices based on a proven compliance framework. Key Concept A…...…
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Position Your Business to React and Adapt to Any New Regulations with Ease
Reading time: 11 mins
In the increasingly complex and regulated business landscape, compliance is a top concern for companies of every size, in every industry. In the past few years, major standards have appeared in two finance and accounting compliance areas that cut across industries. First, revenue recognition standards provide new guidance on one of the most important measures…
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Becoming CMMC or NIST Compliant and How to Prove It
Reading time: 4 mins
Over the next two years, many companies will face the challenge of compliance with the Cybersecurity Maturity Model Certification program, the U.S. Department of Defense’s supply chain cybersecurity requirements. In part one of a three-article series, we will demonstrate how to first understand the NIST/CMMC frameworks, and how they relate to SOX and separation of…
Featured Insiders
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Thomas Neudenberger
COO, realtime North America
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Steve Biskie
Principal, RSM US LLP
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Heiko Hecht
COO, IBIS America Inc.
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