iFACTS on - SOX (Sarbanes Oxley Act)

SOX is a United States federal law and a reaction to several corporate and accounting scandals such as Enron, Worldcom, Tyco and more. SOX has been criticized for the complexity and the cost to comply.

The 8th EU directive, also nicknamed "EUROSOX", which is in place now means that European companies need to consider how to comply as well.

Anne-Francoise Melot of the European Commission... "the directive will not be a European version of SOX. For sure the approaches and mechanics will be similar but the needed effort to achieve compliance will be very low in comparison."

iFACTS helps comply with SOX or EUROSOX. The main tools are:

• The Asset modules where processes and other business activities are documented and classified as part of the SOX scope.
• The Audit module to set up manual or automated controls such as "SOX classified IT system, risk assessement performed?"
• Communication center to assign tasks and remind if not carried out in time.
• The Event module to monitor SOX nonconformities.
• The GAP module to check compliance level with SOX using web questionnaires.

iFACTS facilitates to comply with SOX. The SOX objects such as the Financial process or IT-systems and Access control systems can be SOX-tagged. Thereby the SOX Scope is identified and the controls can be implemented.