Now have a look at how you can manage to make mandatory SOX-guidelines help your company to profit rather than being hindered by them.
Your best option for implementing these guidelines is to set up rules and methods for the verification of financially relevant transactions. That means to incorporate workflows that guarantee adhering to the four-eye-principle as well as transparency for third parties. For example, and external auditor that you employed certifies that transactions have been checked by an in-house auditor before. By triggering this process automatically, you ensure that no transaction is carried out without verification.
This is where Shared Services come into play again. Guidelines dictate that every verification of a financially relevant transaction can also be checked afterwards. To document your workflows, an efficient system that registers information gapless is inevitable. While storing notes will suit your purposes just fine setting up a supportive IT system is much more efficient, economic and safe. It guarantees that every transaction and its review is comprehensible. The reliable storage of data will also allow you to track any fraudulent practices that are being pursued within your company. And in the process, get rid of it.
Ultimately, this leads to the fulfilling of all the necessary compliance requirements in an effective and economic way. And therefore, to more trust between investors and owners of your company.
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