SAP SOX Compliance
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.
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Implement a Three-Pronged Approach for Successfully Managing Training Compliance in SuccessFactors Learning
Efficient management of compliance training is a critical need for many organizations looking at best-of-breed learning management systems. Discover how three SuccessFactors Learning tools can improve organizational training compliance through automated administration, at the same time reducing historically high HR administrative efforts and associated costs. Key Concept In SuccessFactors Learning, assignment types are used to...…
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Managing Compliance Processes with SAP Enterprise Learning and SAP Learning Solution
SAPexperts HRLearn how SAP Enterprise Learning and SAP Learning Solution support compliance-related processes such as identifying training needs, recording training, and tracking competencies, expirations, and updates. Key Concept Learning management, the management of learning processes and activities, has diverse application scenarios. In some companies, for example, learning management is used to keep employees compliant with...…
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Selective Data Transition vs. Full Migration: Choosing the Right Approach for SAP S/4HANA
Migrating from SAP ECC to SAP S/4HANA involves choosing between Selective Data Transition, which allows for flexible and tailored data migration, and Full Migration, which fully integrates existing systems but requires significant reconfiguration, with specific strategies and thorough preparations critical for successful execution.
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Companies Combine their SAP Security Redesigns
A poorly executed SAP security redesign can have significant effects on an organization: unauthorized access, increased potential for fraud, inefficient access provisioning for end-users, and audit issues. To avoid this scenario and improve security, more companies are combining their SAP security redesigns with updates to their SAP GRC solutions, observes Adam Fattorini, Senior Manager, PwC…
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Simply Securing a System Is No Longer Sufficient
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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Cloud Data Compliance – Common Questions to Consider
Compliance, like security, is a non-negotiable goal, and one that is increasingly complex. Cloud computing has clearly compounded this challenge with additional requirements such as encryption, auditing, data location, and data separation rules. While several factors are involved, organizations can increase confidence in their IT staff by addressing these common questions and avoid common pitfalls.…
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Beyond SOX: Addressing non-financial risks through SAP configuration and sound supporting processes
While many organizations focus on compliance during an SAP implementation, often related to financial reporting and regulations such as Sarbanes-Oxley (SOX), they might be underutilizing optional SAP controls that could provide extreme value to their SAP system and supporting processes. How can you apply SAP configuration and sound supporting to minimize and mitigate operational and…
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Accounting & Finance Expands Its Influence
Accounting & Finance Expands Its Influence Across the Enterprise Utilities that are publicly traded companies are subject to various audits under the Sarbanes-Oxley (SOX) Act. Beyond recordkeeping and reporting, accounting & finance deliver an important strategic function across the enterprise. For UGI Utilities, a wholly owned subsidiary of UGI Corp., continued transformation is a key…
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Position Your Business to React and Adapt to Any New Regulations with Ease
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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Advanced Compliance Reporting (ACR)
SAP S/4HANA for advanced compliance reporting makes taxes easier to manage, file, and submit, especially for companies that deal in many different countries and with varying tax requirements. SAP's solution help simplify the complex tax submission process that most multinational businesses face. In this article an SAPinsider Expert will walk you through how to configure,…
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