Anyone else going through Sarbanes Oxley right now?

[undeterred]

This is my first time. :scared:

[hippiechick]

1. Ugh Good Luck.

It kicked our company's asses about 18 months ago. What a nightmare. :(

[babylonsister]

2. I'll bite. What does that mean? nt

[calico1]

4. It has to do with compliance with tighter

rules and regulations that companies have to meet and provide proof of. It is named after the bill passed by the two Senators of those names. This came about after the Enron, Tyco, etc. messes. It's basically compliance that you have to meet in your company that guards against any of the shenanigans that these other companies got away with. It is a big pain in the ass though.

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

[babylonsister]

5. Thanks! I coulda/shoulda googled. nt

[MindPilot]

3. Yes, it is incredible the amount of work it creates

We've had to completely rework almost all of the processes in our IT department, from creating accounts to backup procedures and document retention policies. That's no small chore in a company with tens of thousands of employees, contractors and outside sales people all over the planet.

Then once those processes and procedures are all in place and working, they have to be meticulously documented for the auditors.

I haven't had this much fun since Y2K. :argh:

On edit: The crap us computer guys have to deal with is NOTHING compared to the accountants!

[undeterred]

11. I'm in IT

but the whole company has to go through it.

[Stockholm]

6. It is poorly constructed knee-jerk legislation

not only affecting US firms, luckily the EU is countering with Basel III.

[Mojorabbit]

7. My best friend runs the business office

of a same day surgery center. She is pulling her hair out.

[Nozebro]

8. Going through Sarbanes Oxley right now? Lord no. I haven't even been

through that "change of life" yet.

[newyawker99]

12. Hi Nozebro!!

Welcome to DU!! :toast:

[kestrel91316]

9. No, but I think I might be starting to go through Menopause.

Ok, you can slap me now for my smart mouth.

[SharonAnn]

10. Went through it last year at a company that had very LAX controls.

So, it was a lot of work to get them compliant, but they such loose accounting controls that it's a miracle no one stole them blind in past years.

Wait, there's probably no way they would've known if some had stolen them blind.

I was quite surprised that this large a company wouldn't have had more stringent accounting controls. I've worked with many companies on implementing accounting controls and improving auditability, so I kind of took for granted that large companies would be up to speed.

So, maybe it's a pain butit's also obvious that some companies have not been providing the accounting controls that they should have provided.

[JuniperLea]

13. Just getting the taste myself

Having been through rigorous regs from DOI, DOC, SEC, NASD and Knox-Keene, I thought I'd seen everything. Nope.