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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Add Custom Text to Your Applicant Correspondence
You can personalize letters you send out to applicants. The author explains how to do this using the example of adding the initials of the person writing the letter. Key Concept The functionality described here exists within the R/3 HR Recruitment module since release 3.0D. Recruitment will be part of the mySAP ERP core. It...…
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A Step-by-Step Tutorial for Developing Mobile Applications on SAP HANA
BISAP Professional JournalIn this step-by-step tutorial for developing an Android-based mobile application on SAP HANA, learn how to expose data from SAP HANA as an OData service, how to consume data from the OData service on a Web application, and how to create an Android mobile application by using the PhoneGap hybrid Web container. This...…
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Optimize Inventory Using Product Interchangeability in SAP APO SNP
Learn how to carry out product interchangeability in SAP Advanced Planning and Optimization (SAP APO) Supply Network Planning (SNP) when one product needs to be replaced with another from a particular date or when you need to plan a set of interchangeable products with the same technical properties. Key Concept There are two major interchangeability...…
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Manage Lifecycle Planning in SAP APO
Learn how lifecycle planning can be configured in SAP Advanced Planning and Optimization (SAP APO) to forecast a new product, manage the introduction of the new product (phase-in), phase out the old product being replaced, and integrate it with forecasting techniques. Follow a step-by-step procedure to configure and run the associated master data objects, run...…
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Decoding the Cost Object Mapping Framework in SAP Central Finance
Learn about the concept, purpose, configuration, and execution of the cost object mapping framework in SAP Central Finance. Key Concept SAP Central Finance in SAP S/4HANA offers a new configuration for the cost object mapping framework, which is mainly used for short-living cost objects such as an internal order, a production order, or a service...…
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Part 2: Plan For and Implement SAP Learning Solution
SAP Learning Solution (LSO) configuration builds on SAP Training Management configuration. Follow these expert tips that relate to Training Management and LSO. Understand key configuration decisions before moving into your blueprint phase to configure LSO quickly and painlessly. Key Concept Your blueprint documentation should describe your key business processes and mirror the structure of the...…
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Part 3: Plan for and Implement SAP Learning Solution’s Authoring Environment
SAP Authoring Environment, a component of SAP Learning Solution, allows course authors and instructional designers to design and structure Web-based training content and tests. Learn about the key functionalities of Authoring Environment and discover undocumented tips about how to use Authoring Environment successfully. Key Concept SAP Authoring Environment is a locally installed application in SAP...…
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Fully Integrate Your SAP HANA Database Procedures into ABAP with AMDP
ABAP Managed Database Procedures (AMDP) is a new technology to embed native database source code into ABAP applications. With the current focus on SAP HANA, ABAP developers now can use database features beyond the scope of Open SQL. AMDPs are available with SAP NetWeaver 7.40 Support Package 5 though some features described here require subsequent...…
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Live from SAPinsider Studio: Rohana Gunawardena on SAP CO
Rohana Gunawardena, Director, SAP Practice, QS&S, joins SAPinsider Studio at the SAPinsider FIN 2016 event in Las Vegas to discuss the SAP CO philosophy and using CO beyond cost center accounting, such as internal orders, as well as what SAP S/4HANA means for SAP CO. This is an edited version of the transcript: Ken Murphy,…
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A Roadmap to the Digital Retailing Era
Ken Murphy, SAPinsider: This is Ken Murphy with SAPinsider. The evolution of technology and digital transformation is having a tremendous impact across industry types, but perhaps nowhere are these forces having a greater impact than retail and fashion. Traditional methods of selling goods and products to end consumers are quickly being replaced by omnichannel offerings…
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