SOX Compliance

[clapham_gull]

Anyone else working for an American company having to implement this Enron fall out - especially in an IT field.

Anyone else having to document their documentational documentation ?

( It's nothing to do with socks, but you've probably got to document them )

 

[timbha]

American coys today, UK tomorrow

 

[DJ Leon]

I do. And it's KILLING me. Slowly.

 

[Ex-Staffs Gull]

Work for a British (although lots now in India!!!) bank, and SARBOX is a real pain. Checks, counter checks, compliance and audits galore. It is the highest priority, perhaps thats because the exec might go to prison if we f*ck up

 

[cardboard]

Yep,

Its massive at the American Company i work for

 

[Titanic]

and all financial institutions in the UK... it's a massive gravy train for auditors and IT consultants alike... and long may it continue

 

[clapham_gull]

and all financial institutions in the UK... it's a massive gravy train for auditors and IT consultants alike... and long may it continue

Quite possibly the understatement of the year.

 

[The Wookiee]

Anyone else working for an American company having to implement this Enron fall out - especially in an IT field.

Anyone else having to document their documentational documentation ?

( It's nothing to do with socks, but you've probably got to document them )

Sarbanes Oxley

 

[Dave the OAP]

Yes.

Its all procedures, procedures , procedures at our place ( American owned)

 

[Wondergull]

I work for an American owned recruitment company that specialise in IT. We passed our SoX audit 18 months ago and it was a complete nightmare. I was working 14 hour days, 7 days a week for over 2 months. The double bubble overtime was good but it nearly killed me. We now have the American auditors back every 6 months and they check everything, again and again and again!!

 

[Seagull over NZ]

The Yanks have a lot to answer for. I have worked on the accounting side of Sarbox and it is hideous. The Americans reckon they have the best economy in the world but where have all the big Company frauds been in the last 10 years !! And then they impose Sarbox on everyone that wants to have any finance in the US.

You should try working through all the requirements that have to be filed for the US stock exchange. We did one for a reasonably simple company that was over 200 pages long of absolute garbage that is of no use to anyone.

 

[Caravan Club]

I work for an IT reseller (hardware, consultancy etc.), it's great for us, just gives us an excuse to supply more kit. Storage sales are going through the roof as everyone is terrified to delete anything.

It does get bloody ridiculous though when you have to sign in and out of the data centre just to go for a pee. Not sure if this is a general rule, but it was the procedure at an American company that I did some work for up in Scotland.

 

[Muhammad - I’m hard - Bruce Lee]

 

[B.M.F]

Bloody sox reports are a pain in the arse but producing them is my job so I suppose I must not grumble

 

[larus]

One of my customers is a subsidiary of an American company. I provide IT services to them, and it's been a real pain.

I have access to source code (to changes to our business package if required), I have administrator access to the whole network, I develop/maintain the intranet which is used to extract/report on the business data.

All in all, the SOX people can't work out how to control me. The company is not huge (about 150 employees, of which there is 1 in IT, plus me part-time, and one of my employess whose based there full-time), so it's very difficult to put controls in place when we all have a requirement to be able to maintain most things on the network.

It's probably easier in larger companies as you can segregate duties easier.

I can see why it's being done, but it's gone too far. Accountability is a great idea, but the cost that it is adding to companies is too high, especially when we're already trying to compete with low-wage economies.