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Sarbanes-Oxley Act (SOX):
In July 2002, the United States Congress passed the
Sarbanes-Oxley Act ("the Act") into law. The Act was
primarily designed to restore investor confidence following
well-publicized bankruptcies and internal control
breakdowns that brought chief executives, audit committees,
and the independent auditors under heavy scrutiny. The Act
is applicable to all publicly registered companies under
the jurisdiction of the Securities and Exchange Commission
(SEC).
The Act called for the formation of a Public Company
Accounting Oversight Board (PCAOB) and specified several
requirements ("sections") that include management's
quarterly certification of their financial results (Section
302) and management's annual assertion that internal
controls over financial reporting are effective (Section
404). In the case of Section 404, the independent auditor
of the organization is required to opine on the
effectiveness of internal control over financial reporting
in addition to the auditor's opinion on the fair
presentation of the organization's financial statements
(also referred to as the "integrated audit").
Section 404 draws attention to the significant processes
that feed and comprise the financial reporting process for
an organization. In order for management to make its
annual assessment on the effectiveness of its internal
control, management is required to document and evaluate
all controls that are deemed significant to the financial
reporting processes. If the organization uses a service
provider to process transactions, host data, or other
signficant services, management may need to evaluate the
design and test the operating effectiveness of the service
organization's controls.
Management will either need to conduct an evaluation of the
service organization's controls, or management may obtain a
Type 2 SAS No. 70 service auditor's report from the service
organization, if a service auditor has been engaged, to
gain an understanding of the service organization's
controls. The relevant audit guidance for SAS No. 70
already requires that a service auditor's report contain
information on the five components of internal control as
it relates to the service organization.
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