Key elements of SOX, the components of COSO internal controls and how the requirements of ISO 9001 can support COSO and help with compliance to SOX. CEO and CFO of your company face risks every day. What are some of these risks? Of course there are always the financial and competitive risks.
But now, because of the Sarbanes-Oxley Act (SOX), they must certify their company’s financial statements. Also, each year they must certify the effectiveness of the system of internal controls mandated by the Act. In the past, top management could claim ignorance of their organizations’ operational failures. This no longer holds. Now lack of knowledge of problems is not an excuse and top management is now risking civil and criminal penalties as large as 5 million dollars and 20 years in jail.
In October 2003 the SOX-Q/E Team was formed to identify how ISO 9001:2000 and ISO 14001: 2004 can be used to reduce the risk that CEOs, CFOs and the Board of Directors face when complying with SOX. Note that any comprehensive quality and environmental management system such as the Malcolm Baldrige Award criteria can be used in place of the ISO standards.
SOX mandate a system of internal controls to manage risk in the organization. A system published by the COSO Committee in 1992 provides the basis for internal controls used by many organizations. This system is the foundation for good governance which preceded SOX. There are five components of the COSO internal controls:
In this presentation I will describe the key elements of SOX, discuss the components of COSO internal controls and show how the requirements of ISO 9001 can support COSO and help with compliance to SOX.
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Dr. Sandford Liebesman had over 30 years experience in quality at Bell Laboratories, Lucent Technologies and Bellcore (Telcordia). He is an ISO 9000 subject matter expert and is author of the books TL 9000, Release 3.0: A Guide to Measuring Excellence in Telecommunications, 2nd Edition and Using ISO 9000 to Improve Business Processes. Dr. Liebesman is a member of ISO Technical Committee 176 and the ANSI Z-1 Committee on Quality Assurance, is certified by the RABQSA International as an ISO 9000 and TL 9000 Lead Auditor and has performed over 95 ISO 9000 and TL 9000 audits at Lucent and for KEMA Registered Quality. At Lucent he helped five organizations obtain ISO 9000 and TL 9000 certifications. He currently is a quality management system consultant with Sandford Quality Consulting LLC. He is leading the SOX_Q/E Team in support of compliance to the Sarbanes-Oxley Law (SOX).He has presented seminars and published articles on QMS/EMS support of SOX and led the team that developed the 2005 and 2006 ASQ Sarbanes-Oxley conferences. Dr. Liebesman has an engineering degree from the United States Naval Academy and MSEE and Ph.D. (Operations Research) degrees from New York University. His is Chair-Elect of the ASQ Electronics and Communications Division. He was recently elected a Fellow of the American Society for Quality.
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