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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Part 2: Essential Steps for Planning a CRM Implementation: Implementation Roadmap
Learn how J. J. Keller & Associates, Inc., is using a phased roadmap to implement SAP CRM. See the original planned phases and how J. J. Keller & Associates, Inc., re-validated and modified the phases after an 18-month delay. Key Concept When taking on any implementation, it is important to have planning steps in place....…
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Speed Up Your IFRS Transition with the IFRS Starter Kit for SAP BusinessObjects Planning and Consolidation
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Prepare for IFRS with the Starter Kit for IFRS for SAP BusinessObjects Financial Consolidation
The adoption of International Financial Reporting Standards (IFRS) as part of a global international accounting convergence can be expensive for your company because it is an implementation rather than just an accounting or reporting project. Learn about the latest starter kit from SAP for its SAP BusinessObjects Financial Consolidation application, which can speed up and...…
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How to Add Custom Fields to a Fixed Asset
Enhance fixed asset master data in your SAP ERP system by activating a user exit and creating a custom screen. You then can track additional characteristics of a fixed asset to report on and comply with industry- or country-specific requirements. Key Concept User exits allow users to add functionality to SAP’s standard program logic without...…
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What You Should Know About SAP BPC
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Explore Your Options for Setting Up a Security-Related Organizational Structure
Learn how to set up a security-related organizational structure and what your options are for doing so. Key Concept An organizational structure is mainly used to manage personnel development (OM-PD), but you can also use it to manage your security concept during the assignment of authorizations. Options to consider include using an existing HR-oriented organizational...…
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Use SAP Learning Solution to Manage Your Extended Learning Community
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Troubleshooting Payroll Problems
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Identify Fraud Risks with Forensic Audit Queries
Audit committees, management, investors, regulators, and external auditors expect your business process controls to be effective, efficient, and testable. See how to extend your GRC functionality to identify control exceptions in your SAP system by locating data in SAP tables and running forensic audit queries. Out of the box, compliance solutions such as the SAP...…
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