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    SOX 302 v 304

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    Differences/Similarties in SOX 302 and 304?
    Overall what is sox?
    How does it impact IT enviornment?

    © BrainMass Inc. brainmass.com June 3, 2020, 6:26 pm ad1c9bdddf

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    1) Differences/Similarities in SOX 302 and 304?

    Please visit the following link for details about SOX 302 and 304.


    Another explanation for SOX 302 and 304:
    Section 302: Corporate Responsibility For Financial Reports.
    The CEO and CFO of each issuer shall prepare a statement to accompany the audit report to certify the "appropriateness of the financial statements and disclosures contained in the periodic report, and that those financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the issuer." A violation of this section must be knowing and intentional to give rise to liability.

    Section 304: Forfeiture of certain bonuses and profits

    Source: http://www.aicpa.org/info/sarbanes_oxley_summary.htm

    2) What is SOX(Sarbanes Oxley Act of 2002):

    The US Public Company Accounting Reform and Investor Protection Act of 2002 or the Sarbanes-Oxley Act of 2002 aims to create auditable business processes, improve financial transparency, and create strong internal operational controls. It requires that companies prepare and maintain documentation of financial reporting processes, create internal controls, evaluate and correct control deficiencies. ...

    Solution Summary

    Differences/Similarties in SOX 302 and 304