What is sox?

Answer 1

"The Sarbanes-Oxley Act of 2002 (SOX), is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms.

Compliance to SOX

Compliance to SOX is focused specifically on what records need to be stored and for how long.

SOX Compliance is all about protecting the integrity of data. The scope of SOX Compliance is broad and encompasses a company's management of quality, security and operational risk. Effective risk control of Information Technology (IT) is an essential element of corporate governance and is a key enabler for business process control and compliance with the Sarbanes-Oxley legal and regulatory framework. SOX Compliance is the process of ensuring transparency of corporate disclosures by requiring that internal controls related to financial reporting are documented and tested to ensure the effectiveness of accounting controls in the construction of annual reports and other financial disclosures. Sarbanes-Oxley contains 3 key rules that affect the management of electronic records.

1) The first rule deals with destruction, alteration, or falsification of records.

2) The second rule defines the retention period for records storage.

3) This third rule refers to the type of business records that need to be stored, including all business records and communications, including electronic communications."

Answer 2

It stands for Sarbanes-Oxley, who was Tom Yawkey's wife.