Simplify SOX Compliance
The Federal Risk and Authorization Management Program (FedRAMP) establishes a standardized framework for security assessments, authorization, and continuous monitoring of cloud products and services.
The Sarbanes-Oxley Act
The Act mandates a number of reforms to enhance corporate responsibility, enhance financial disclosures and combat corporate and accounting fraud. As such a committee was formed, the “Public Company Accounting Oversight Board,” known as the PCAOB, to oversee the activities of the auditing profession.
The Act is also known as the “Public Company Accounting Reform and Investor Protection Act” and “Corporate and Auditing Accountability, Responsibility, and Transparency Act”
SOX requires an Internal Control Report that states management is responsible for an adequate internal control structure for their financial records. Any shortcomings must be reported up the chain as quickly as possible for transparency and a measurement of how well your company manages its internal controls. While SOX doesn’t specifically mention information security, for practical purposes, an internal control is understood to be any type of protocol dealing with the infrastructure that handles your financial data.
The Five SOX Internal Control Framework Components Are:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
SOX Section 404 (Sarbanes-Oxley Act Section 404) mandates that all publicly traded companies must establish internal controls and procedures for financial reporting and must document, test and maintain those controls and procedures to ensure their effectiveness.
Abacode, a MSSP Managed Security Service Provider, has expertise in helping companies simplify a strategy to become continuously compliant according to the fifty pages of The Act designed to oversee the financial reporting landscape for finance professionals.
Why Choose Abacode as Your MSSP?
Abacode will help your organization simplify SOX Compliance with our “objective state” approach, designed to ensure the greatest overall impact on cyber risk across your organization based on your budget and risk tolerance.