The Sarbanes-Oxley Act of 2002 has a contentious section (404) that deals with assessments of internal controls. This section requires management and external auditors to report on the adequacy of the company’s internal controls for financial reporting. Compliance can be costly and time consuming, as documenting and testing financial controls requires enormous effort. Documentation must be automated, adequately reviewed and constantly updated.
You can use Box to assist with the manual and automated process of documenting and testing information controls. Box can also help you in support of section 302, which requires executives to sign off directly on financial statements.
Using Box benefits organizations that are covered under SOX and organizations that do business with organizations that are covered under SOX.