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In 2002, multiple financial Scandals, such as Enron and Worldcom, took place. That is where the Sarbanes Oxley Act 2002 comes into light, which aims to improve financial disclosure and reporting to rebuild investors' trust.
Sox compliance always evolves with a new twist, and complying with this has always been a complicated task for business. They need a master of the intricacies of SOX compliances, and you can become the one.
Professionals must enroll in the course to get a deep insight into SOX and its implications. Designed and instructed by Lynn Fountain (CAE) and Michel Morley (CPA), the 33 hours of course learning will guide you to be a SOX professional, holding a Special and valuable designation.
Public Company: All public companies, their subsidiaries, or foreign-parented companies in the US must comply with SOX.
Company planning for IPO: SOX compliance is compulsory for Private companies or businesses planning to list for IPO.
Accounting Firm: Accounting firms that conduct audits of public companies must comply with SOX compliances.
Private Company: In some cases not specifically mentioned, Complying with the SOX is also necessary for private companies.
SOX encodes strict rules for accountants, auditors, and Corporate officers for law enforcement.
Hence, the SOX certification is very important for businesses and knowledge of SOX compliance opens a new opportunity to upskill and grow one's career.
The corporate structure is becoming more competitive and complex. Demand for SOX professionals has become stagnant, and professionals with strong command over SOX are highly valued today. Achieving a SOX certification can be a game-changer for professionals in multiple ways:
Improve your corporate governance, financial reporting, and Professional knowledge to improve business reporting and transparency.
It is a professional credential to improve your credibility and reputation as a trusted advisor.
Specializing with the SOX designation will benefit you with higher designation and Salary.
SOX is globally recognized, and expertise in financial governance risk management opens a global career opportunity.
It creates a sense of fulfillment by mastering critical regulation and advocating for ethical business practice.
CPAs, CIAs, and CMAs can benefit from the Continuing Professional Education (CPE) credits provided by the SOX Certification, which also count towards their professional education requirements.
SOX Certification is primarily beneficial for finance and auditing professionals. Still, for anyone involved in corporate governance, risk management, and legal compliance, the certification offers a broader understanding of corporate financial practices.
Publicly registered businesses traded in the investment market and audit firms of public companies must comply with SOX. A private holding company planning to register for an IPO should also comply. In some specific cases, private companies may also need to follow.
For other major private corporations, it is not mandatory to comply, but they can choose to follow for better financial management, corporate governance, and internal control.
SOX Certified Professionals can help organizations manage their compliance frameworks, improve internal control systems, and ensure accurate financial reporting, thereby strengthening the organization's overall compliance.
The Authors, Allen Smith is a Practicing Certified public accountant and senior vice president at myCPE – Continuing Education Platform for Professionals. He understands the current needs of the education domain and strategies for the presenters to adapt the new changes.
