Business Challenges | Sarbanes Oxley

Sarbanes Oxley

How NETconsent helps

  • NETconsent electronic acceptance of policies at logon is by far the most practical, reliable and cost-effective method of ensuring that all users have read and accepted Sarbanes Oxley related policies.
  • NETconsent records information about when a user accepted or declined a policy, so there is no ambiguity over policy version control.
  • NETconsent shows how well someone has understood each policy by testing understanding. Staff who understand why SOX controls are in place are more likely to adhere to them
  • NETconsent reports show who has yet to sign up to policies without the administrative burden associated with more traditional record keeping.
  • NETconsent provides real-time management reports showing overall levels of compliance crucial to improving governance.

Challenges of Sarbanes Oxley

  • Avoid fines and imprisonment
  • Loss of shareholder trust
  • Reduction in brand value

Sarbanes Oxley Requirements

  • Photo - Check ListRestrictions on the types of trade allowed within a company
  • Auditable systems to record transactions
  • A ban on personal loans to officers and directors
  • Regulation of audit committee responsibilities
  • Protection for whistle blowers
  • Record retention period of at least 5 years for some documents
  • Archiving and monitoring of communications

About the Sarbanes Oxley Act

The Sarbanes-Oxley Act is legislation introduced in the USA following the WorldCom and Enron financial scandals. It aims to protect shareholders and the public from the consequences of financial malpractice and accounting fraud. The act is administered by the Securities and Exchange Commission (SEC).



Photo person doing calculations
Plymouth City Council

“ Compliance, best practice and the ability to audit are increasingly becoming key elements to our journey towards excellence. We decided to act proactively to put ourselves in the best possible position to promote better understanding of our policies. With NETconsent’s software in place I feel confident that we have taken positive steps to ensure policy management activities. ”

Giles Perritt
Head of Continuous Improvement
Plymouth City Council