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.
970 results
-
Technical Considerations for Executing an SAPUI5 Project
Follow these best practices and tips outlined by Ameya Pimpalgaonkar if you are planning to execute an SAPUI5 project. See how an SAPUI5 project differs from a traditional project and why the design process is essential if you want to avoid technical errors. Key Concept It is essential that all SAPUI5 projects begin with a...…
-
Configure SAPSprint for Secure Server-Based Printing on Windows
You can have as wide and varied a range of printing needs as you have business needs. Learn about the available SAPSprint options — what they are and what they do — so you can help your organization meet its specific printing needs. Key Concept Secure Network Communications (SNC) integrates an external security product with...…
-
Managing the Journal Entry and Approval Process in Your SAP Systems: Live Q&A with Brian Shannon
To quickly and efficiently complete the financial close process, accounting teams require solutions that enable them to create and approve multiple journal entries in a very tight time frame. Standardizing and streamlining journal entry processes is essential, as every delay in journal entry processing delays the company’s ability to report its financial results. Dolphin’s Brian…
-
Tax Compliance at the Edge with ONESOURCE
As the world becomes more interconnected and the complexity of indirect tax regulations continues to grow, multinational organizations need to centralize their business and financial data to ensure a single source of truth. SAP S/4HANA is a robust offering for achieving this goal, but using it alone can present challenges like latency and an increased…
-
How to Build a Strong Security and Compliance Foundation for Your SAP Landscape
While most successful cyberattacks are carried out on a company’s application layer, many security departments see the SAP application layer as a “black box,” and its security as the responsibility of their Basis or SAP application colleagues or of a service provider, making the security of this layer a blind spot within many organizations. Compounding…
-
Use SAP BusinessObjects Process Control to Avoid Paying Twice
Learn how to use automated control rules in version 3.0 of SAP BusinessObjects Process Control to identify potential duplicate payments. Key Concept The risk of a company accidentally paying twice for the same product or service can be mitigated by monitoring a potential duplicate payments report. Such reports are often custom developed to look for...…
-
Internal Controls: The Journey from Compliance to Risk Management
See how to make compliance more operational with a more preventative, integrated approach that emphasizes risk management over compliance. By embedding more controls into this approach, your organization achieves greater efficiency and lower compliance testing costs than in the more manual report and review model that many companies use. Key Concept The Sarbanes-Oxley Act prompted...…
-
Continuous Controls Monitoring: A Cost-Effective Way to Ensure Compliance
Continuous controls monitoring (CCM) can help reduce compliance costs, strengthen the control environment, and reduce the risk of unintentional errors and fraud. Learn how using CCM in your GRC activities can improve business process operations in an efficient, cost-effective manner. Key Concept Automated continuous control monitoring (CCM) can provide a wealth of benefits to a...…
-
Premium
Growing Compliance Complexity Driving Approach to Tax Planning, Tax Technology and Innovation
The global tax landscape has become increasingly complex, as governments around the world are changing the ways that they monitor companies and ensure compliance. SAP S/4HANA-enabled transformation has far-reaching impacts on tax departments, including Direct Tax, Indirect Tax, Transfer Pricing, and Trade & Customs. To explore the implications on tax planning, tax technology, and innovation,…
-
Troubleshooting Tips for Effective Use of SAP Process Control 10.1
Use these troubleshooting tips to enable your end users to investigate and remediate compliance issues using SAP Process Control 10.1. Key Concept SAP Process Control uses an integration framework that includes infotypes and workflow, both of which enable you to integrate different business scenarios to assess master data on a timely basis. Different work processes...…
Upcoming Events
Related Vendors
Your request has been successfully sent