RE: Sarbanes & Oxley

["Goodbar, Loyd (ETS - Water Valley)" <LGoodbar@xxxxxxxxxxxxxx>]

Beware that you wait until the last minute. Our FYE is Dec 31, we must be in
compliance by Sep 30 per our corporate office. No major system upgrades,
changes, or implementation allowed without waiver in Q4.

SOX is far reaching, but primarily affects financial systems (purchasing,
inventory control, GL/AP/AR) and some HR systems.

Loyd Goodbar
Senior programmer/analyst
BorgWarner
E/TS Water Valley
662-473-5713
-----Original Message-----
From: Burns, Carolyn [mailto:Carolyn.Burns@xxxxxxxxxxx] 
Sent: Monday, August 23, 2004 09:38
To: Midrange Systems Technical Discussion
Subject: RE: Sarbanes & Oxley

If your year end is prior to October 15th 2004 you do not have to be
compliant until your 2005 year end.  I have consultants who specialize in
this area in IT and have been working with it quite a bit.  Hope this helps.

Best Regards,
Carolyn 
Business Development Manager
MODIS IT
1230 Rosecrans Avenue Suite 425
Manhattan Beach, CA 90266
Telephone: 310-727-3272
Cellular Phone:  310-989-0481
Facsimile:  310/727-1920
carolyn.burns@xxxxxxxxxxx


-----Original Message-----
From: midrange-l-bounces@xxxxxxxxxxxx
[mailto:midrange-l-bounces@xxxxxxxxxxxx]On Behalf Of Shadrach Scott
Sent: Sunday, August 22, 2004 8:51 PM
To: Midrange Systems Technical Discussion
Subject: Re: Sarbanes & Oxley


You might want to start doing a little research.

When you have to be SOX compliant has to do with your fiscal year. If 
you are on a calendar year, you need to be done before Jan 1. You 
actually need to be done in time to complete your audits before Jan 1.

SOX only affects you if you are publicly traded, it will be enforced by 
the SEC. If you fail your auditor will have to publish a nasty letter to 
your share holders. If you are found to be in bad enough shape the SEC 
may also fine you, (nobody now how much) if you are in extremly bad 
shape the SEC could  stop your company from trading.

Have fun, You can find a lot of information at ISACA.ORG

Shadrach Scott

Doug Hart wrote:

> 
>Does anyone know if there is a date when companies must be SOX compliant?
>
>Also, what are the penalties, if any, for non-compliance?
>
>Our auditors are driving us nuts.  I'd love to put them off until next
>Spring, or just pay the fines like you can do with OSHA if they are not to
>expensive.
>
>---
>Doug Hart
> 
>
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