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.
969 results
-
Learn All About SAP SuccessFactors Employee Central Payroll: Integrations, Technology, and Implementations
Gain an overview of the benefits—and any potential drawbacks—of making the transition from SAP and non-SAP payroll platforms to SAP SuccessFactors Employee Central Payroll. Key Concept In addition to using SAP SuccessFactors Employee Central as their core HR platform, companies are now faced with the decision of whether to switch to Employee Central Payroll as...…
-
SAP S/4HANA Finance: What’s in a Name?
SAP S/4HANA Finance has received much attention since it was announced at SapphireNOW in 2014 under the name SAP Simple Finance. In 2015, SAP Simple Finance was renamed to SAP S/4HANA Finance. This article defines the scope of the SAP S/4HANA Finance solution, as well as how the innovations built on SAP HANA fit into...…
-
Enterprise Information Management: What, Why, Where, and How
Understand how SAP solutions for enterprise information management (EIM) cover all types of information. This includes data that is structured, semi-structured, or unstructured, as well as many content forms such as documents, emails, and PDFs. It also supports business processing and analytical applications, and evolves into information governance to ensure data and information are managed...…
-
SAP HR Audit Reports: Capture Changes to Your HR Data
Discover how to enable HR auditing in your SAP system using these step-by-step instructions as your guide. Also learn the simple configuration steps to take to track and report changes in your HR data. Key Concept SAP table views V_T585A, V_T585B, V_T585C, and T77CDOC_CUST enable you to capture infotype audit logs in SAP Personnel Administration...…
-
The Recipe for Standardized Training at General Mills
SAP S/4HANA offers enterprises tremendous potential to go beyond performance and simplicity and deliver significant business value as part of an enterprise-wide digital transformation, but this approach must be understood, considered and incorporated into by SAP and Partners SAPinsider - 2006 (Volume 7), January (Issue 1) by SAP and Partners SAPinsider - 2006 (Volume 7),…
-
Designing SAP Fiori and SAP HANA Applications with Security in Mind
Panelist: Frederik Weidemann, Virtual Forge Date: Tuesday, September 25 Sponsor: Cybersecurity for SAP Customers Virtual Forge’s Frederik Weidemann, a speaker at the upcoming SAPinsider Cybersecurity for SAP Customers conference, answered user questions on building secure SAP Fiori and SAP HANA applications. SAPUI5 applications are responsive across browsers and devices and the UI controls automatically adapt…
-
Brazil Nota Fiscal – Insider Tips for Procure-to-Pay
In my previous article, we discussed the importance of contingency for your orders-to-cash process flow. In today’s blog, I wanted to focus on the importance of end-to-end automation from an accounts payable (AP) perspective. Many companies are not addressing the opportunity that the Brazilian invoicing model creates for AP and inbound logistics teams. While there are unique…
-
Digitizing the Extended Supply Chain
By necessity, companies everywhere are changing how they interact with customers, suppliers, and vendors in the design, production, and distribution of goods and service. Learn about the digitization of the supply chain and the four key priorities that organizations are using in a transition to a real-time model to capture opportunities in the digital age.
-
Gain Control and Mitigate Risk
It’s no secret that cybercriminals are growing stronger. As technologies advance and people grow more interconnected, hackers have more opportunities to exploit those connections and compromise a business. Given all the dangers that are present, it’s essential that organizations implement a consistent security framework across an entire organization. This article explores SAP’s three lines of…
-
Security in the Digital Era: How SAP Runs Secure
There’s no arguing against the benefits of digital technologies and the innovations that come with cloud computing, mobility, and the Internet of Things (IoT). But there’s also no arguing against the fact that a new generation of digital technologies also means a new generation of cyberthreats. As you adopt new IT strategies, how will your…
Related Vendors
Your request has been successfully sent