Compliance: Creating Business Value
The repercussions of recent major corporate frauds such as the Enron and WorldCom scandals have given rise to an increasing number of new governance laws and regulations. These include Sarbannes-Oxley Act (SOX), Basel II, Data Protection Act and International
Accounting Standards.
These regulations address issues in financial and reporting practices, data protection, privacy and risk management practices of international banks and prevention of fraud and money laundering. For example, Section 404 of SOX requires companies to report on the state of their internal controls to ensure accurate financial reporting and fraud protection, while Section 302 requires CEO and CFO to certify the accuracy of relevant financial reports.
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