Sarbanes Oxley (1)

Cobit for SOX compliance control template is simple excel tools that help you gain understanding about Sarbanes Oxley section 404 requirement versus Cobit (Control Objective of Information and Related Technologies)
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1. Has the organization established an IT-specific internal control framework to guide its section 404 compliance activities with respect to IT?

An IT-specific internal control framework provides vital structure to an organization's effort to develop and maintain effective internal control in its IT environment. Failure to identify such a framework may indicate that the organization has failed to examine IT controls as systematically or as deeply as required to support section 404 compliance. One possible IT-specific control framework to build upon is the CobiT framework, described by the IT Governance Institute in its 2000 publication, "Control Objectives for Information and Related Technology." While the full CobiT framework goes far beyond section 404 compliance requirements, companies seeking guidance regarding IT controls would be well advised to customize the applicable portions of CobiT for their own particular section 404 compliance needs.

Sox compliance is very expensive. I agree, and it’s become more expensive if you put wrong approach in to. Here is an example how much people pay for Sarbanes Oxley Act Compliance. It remind me during early implementation of ERP (Enterprise Resources Planning), the fact said that only several number of implementation that success.

According to Warren Buffett, the CEO of Berkshire-Hathaway spent $24 million on auditing this year; a figure he says would have been closer to $10 million without SOX. (DealBreaker . A Wallstreet Tabloid, March 2007)

Investors are taking companies private at a record pace. On Monday, it was Sallie Mae, the mammoth school-loan company, in a $25 billion deal. Do private equity firms know something the rest of us don’t? (Investors Business Daily, April 2007)

Confuse about a lot of Sarbanes Oxley (SOX) version? here is a simple comparison between Sarbanes Oxley (SOX), Japanese SOX and Canadian SOX

Sarbanes Oxley Act enacted on July 2002, and after that many version released in every regional trying to comply this standard. One of the versions of SOX is J-SOX or Japanese version of Sarbanes Oxley Act, and also not forgets to mention other version such as European SOX.

The Big difference:
The big difference between SOX and J-SOX is fact that the J-SOX is wider than SOX in this case are: