The Sarbanes–Oxley Act, or SOX, is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. The Act was named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). As a result of SOX, top management must individually certify, and remain accountable, for the accuracy of financial information. Additionally, there are severe penalties for fraudulent financial activity as outlined within the law.
If your organization falls within the categorical description(s) under SOX, you must implement and maintain specific controls to help avoid archiving or deleting information that must be specifically retained for SOX compliance. In many cases, your I.T. Department is responsible to help implement the necessary retention controls for records and communications that are described as controls within the SOX guidelines.
For more information on how MedicTek can help with your compliance needs, please contact us for a consultation.