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.
967 results
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Automate Your Import Filing to Reduce Compliance Costs with SAP BusinessObjects Global Trade Services
Companies have to deal with the import of goods into their country and the declarations that go along with importing. To improve on efficiency, reduce costs in your compliance process, and avoid delays in customs clearance, you can automate your import declarations using functionality in SAP BusinessObjects Global Trade Services. Key Concept Import filing to...…
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How to Achieve Speed, Control, and Compliance during an Entity Close Using SAP GRC 10.0
Learn how to use SAP GRC 10.0 to improve control and accountability while automating manual activities and providing centralized access to documents during a closing cycle. Key Concept An improved closing cycle benefits the entire organization. A truly successful closing cycle focuses first on control and accountability as a means to achieve acceleration, thereby empowering...…
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Make the Best Use of Training Verification Functionality in SAP Access Control
Nitin Aggarwal and Sanjeev Kotwal show how to use the training verification functionality in SAP Access Control to automate the training check in the user access provisioning process. Key Concept SAP Access Control is used to provision roles or profiles to users in back-end systems in a compliant way. Every request for access submitted in...…
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How to Protect Your Data from Today’s Biggest Cybersecurity Threats: Q&A on Managing Security in Your SAP Landscape
Modern enterprises are facing a perfect storm of increasingly sophisticated technology, changing regulations, and cybersecurity attacks that are rapidly growing in their scale, scope, and speed. In today’s technology landscape, cloud and mobile connectivity to SAP systems demand more than just network firewalls and perimeters to effectively protect your applications, and auditors and compliance managers…
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Inside a Multi-Phased SAP Digitization Journey
In 2006, the European Union passed a new regulation that heralded dramatic changes for Varian Medical Systems, a producer of medical devices for oncology, imaging, and proton therapy. Under the Restriction of Hazardous Substances (RoHS) directive, Varian had to reengineer many of its products in order to make their chemical compositions environmentally compliant. This was…
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How to Simplify Business Role Integration in SAP Identity Management and SAP Access Control
IT organizations typically use identity management solutions to handle a large amount of personnel changes to provision and de-provision users throughout an enterprise. The process contains technical roles that manage different resources. SAP Access Control provides a business role concept that users define (i.e., users or administrators manage the roles) and use to manage a…
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Keeping Up with the GRC Demands of the Digital Age
Today’s organizations look dramatically different than they did just a few years ago. Modern digital enterprises have an increasing cloud presence, a growing mobile footprint, and data that lives outside an organization’s walls. These characteristics are not only reshaping how businesses operate, they are reshaping how businesses secure themselves. With borderless networks and an abundance…
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Can Your Business Keep Up with Rapidly Changing Sales Tax Regulations?
Between the rise of ecommerce and the increasing complexity of tax regulations, organizations are facing new challenges when it comes to sales tax. State and federal tax rules are constantly changing and on-premise systems are not always agile enough to react to today’s tax environment. This can cause inefficiencies or errors which, in turn, lead…
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Comprehensive Identity and Access Management in the Cloud
Digital technologies are transforming enterprise system landscapes, bringing with them a range of security issues businesses must address — particularly when it comes to managing user identities and access to business solutions. To address these challenges, businesses require a comprehensive, unified, centralized approach to identity management and access governance. This article introduces SAP Cloud Identity…
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Protect Your SAP Systems from Cyberattacks
This article looks at how SAP Enterprise Threat Detection addresses organizations’ pressing needs for protecting modern SAP landscapes.
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