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Compliance - Essay Example

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Summary
The 2002 Sarbanes-Oxley Act (SOX) sought to curb financial statement fraud in American public companies. SOX define the executive’s financial and accounting responsibility. Wobbly Wheels (WW) Distribution Company is vulnerable to SOX compliance issue. The compliance issue…
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Compliance al Affiliation) The 2002 Sarbanes-Oxley Act (SOX) sought to curb financial ment fraud in American public companies. SOX define the executive’s financial and accounting responsibility. Wobbly Wheels (WW) Distribution Company is vulnerable to SOX compliance issue. The compliance issue might affect the company’s the information systems by defining the financial and accounting responsibility of the CFO. It might also determine the design of WW’s financial reporting requirements and financial reporting processes (Lane, 2011). SOX compliance issue might require the company to adopt and report on internal financial controls and procedures. Additionally, SOX might affect the company’s information systems that entail information security and IT organisation (Spears, 2009). SOX might define the executive’s accountability for IT irregularities and the need for modern information systems in the company.
SOX may influence information systems at Wobbly Wheels (WW) Distribution Company. SOX issue may compel the executive, CFO to adopt a detailed finance and accounting system that will enhance the success of the accurate financials. SOX will influence the company’s route optimization and freight tracking system where the executive, CIO and CFO will offer freight origin and destination details. In addition, SOX compliance issue will advocate for the adoption of a detailed financial reporting process that entails WW’s daily financials thus affecting its management reporting system.
The company can modify the systems to address SOX compliance issue by allocating more resources to information technology systems used in the management, distribution, and warehousing. The increased allocation will enhance improved accuracy in financial reporting. The company can also adopt modern technologies that will help in implementing standard auditing and accounting procedures and methods. The company should train its IT staff and support specialization to boost efficiency. Additionally, WW should secure its databases, minimize network outages, and reduce IT costs.
References
Lane, D. (2011). The Chief Information Officers Body of Knowledge: People, Process, and Technology. New Jersey: John Wiley & Sons.
Spears, J. L. (2009). How Has Sarbanes-Oxley Compliance Affected Information Security? Retrieved from: http://www.isaca.org/Journal/Past-Issues/2009/Volume-6/Pages/How-Has-Sarbanes-Oxley-Compliance-Affected-Information-Security-1.aspx Read More
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