What does Sarbanes-Oxley compliance require?
All applicable companies must establish a financial accounting framework that can generate financial reports that are readily verifiable with traceable source data. This source data must remain intact and cannot undergo undocumented revisions. In addition, any revisions to financial or accounting software must be fully documented as to what was changed, why, by whom, and when. An applicable company is required to disclose to the public, in immediate fashion, material changes in its financial conditions or operations. These disclosures are to be made in a way that is easily understood. It is a crime for any person to corruptly alter, destroy, mutilate, or conceal any document with the intent to impair the document’s integrity for use in an official proceeding.
