SOX-XL Compliance with the Sarbanes-Oxley Act

Sarbox
Section

Regulation 

SOX-XL Compliance

SOX-XL Implementation

302(a)(6)

The signing officers have indicated in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

N.A.

Procedural Control. 

404(a)(1)(2) 

RULES REQUIRED. The Commission shall prescribe rules requiring each annual report required by section 13(a) or 15(d) of the Securities Exchange Act of 1934 to contain an internal control report, which shall (1) state responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting and (2) contain an assessment as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.

SOX-XL capabilities provide a secure and robust solution for establishing and maintaining an adequate internal control structure and procedures for financial reporting using spreadsheets. Fully documented validation plans and procedures and audit trails help in periodic assessment and evaluation of the effectiveness of the system. 

404(b)

INTERNAL CONTROL EVALUATION AND REPORTING. With respect to the internal control assessment required by subsection (a), each registered public accounting firm that prepares or issues that audit report for the issuer shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement.

Robust security and audit trail tools aid external auditors in attesting to, and reporting on, management’s assessment of internal controls and systems.