SOX compliance is as old as “American Idol.” How much younger is your tech?
That kind of money movement is pretty much unthinkable in a modern Sarbanes-Oxley (SOX) compliance regime. One of the most enduring changes of the law, which turns 20 this year, was to systematize business processes and authorizations, so you can’t have a 22-year-old write a check for $50,000 simply because a manager told him it was urgent.
Businesses now rely on software to track and manage internal spending. Some companies — particularly in healthcare and Silicon Valley — have been adopters of this technology, and their approach to internal controls has benefited as a result.