SOX

[Former Member]

Hi gurus,

What is meant by SOX in which functionality we use this?

can anyone explain me in detail?

Thanks in advance

venkat

[Former Member · Accepted solution]

The Sarbanes-Oxley Act of 2002 , also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOx or Sarbox; July 30, 2002 is a controversial United States federal law passed in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Peregrine Systems and WorldCom (recently MCI and now currently part of Verizon Business).

Every listed companies have to follow this law.

How it is related to SAP.

According to SOX every company which make ERP tools have to design their products as per SOX act only. Since SAP is ERP tools it is designed based on SOX laws.

Generally in India most of the companies do not follow standard processes of Business which is one of the reason why SAP is prominent in India. As per SOX u cannot do any manupulation into system. Hence no TAX evading in turns less acceptance of SAP.

Reward if it adds info......

[Former Member]

Hello,

I want information on SOD/SOD in terms of SAP Security.

Please reply to deepranjan_sahu@yahoo.com.

Thanks,

Deep.

[Former Member]

Hi Venkat,

SOX means : SARBANES OXLEY ACT

Sarbanes-Oxley is a US law passed in 2002 to strengthen Corporate governance and restore investor confidence. Act was sponsored by US Senator Paul Sarbanes and US Representative Michael Oxley.

Sarbanes-Oxley law passed in response to a number of major corporate and accounting scandals involving prominent companies in the United States. These scandals resulted in a loss of public trust in accounting and reporting practices.

Legislation is wide ranging and establishes new or enhanced standards for all US public company Boards, Management, and public accounting firms.

Sarbanes-Oxley law contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties. Requires Security and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law.

This is nothing to do with the functionality.

Hope this clarifies your doubt.

Regards

Srikanth.A