Sarbanes-Oxley Compliance

The Public Company Accounting Reform and Investor Protection Act of 2002, also known as Sarbanes-Oxley or SOX is a United States federal law applicable to publicly traded companies.

Venali’s services support its customers’ compliance with SOX in several ways, including secure transmissions of financial data, digital file organization, data management, tracking and organization.

The provisions of Sarbanes-Oxley that are most relevant to electronic communications include:

Section 302: Corporate Responsibility for Financial Reports

Public company officers must certify the reliability of quarterly and annual financial statements, and must state that the company has established and maintained internal controls to ensure timely and accurate disclosure, highlighting any weakness in those controls.

Section 404: Management Assessment of Internal Controls

Public companies must annually review and report on the effectiveness of their internal controls over financial reporting. The independent company auditor must also attest to, and report on, the accuracy of the report.

Section 409: Real Time Issuer Disclosures

Public companies must be aware of, and declare, charges in their financial condition or operations within 48 hours of material events.

Section 802 & 1102

Public companies can be charged with criminal penalties for altering or destroying documents relating to financial reports.