By Will Sturgeon
Published: Tuesday 15 November 2005
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Name
Mike Softley
Location
UK
Occupation
Consultant
Comment
It is not true that "The penalties for failing to do so include jail time for senior execs and large fines." when "to do so" refers to having controls in place.
The crime under SOX 404 is saying that controls are in place when they are not and failing to declare whether the lack of control represents a "material weakness".
There are no products that make organisations "SOX compliant" - they simply allow the Execs to say what the would like to; i.e. we are in control of our business and our accounts are accurate.
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