The Sarbanes-Oxley Act (SOX) was signed into law on July 30, 2002 and with it came significant legislative changes to maintaining the accuracy and reliability of confidential financial disclosures. The stated objective of the Act is: "to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws."
Relevant to IT, SOX requires that organizations maintain internal controls to ensure that data is available only to individuals who require access. Organizations must also be able to verify the effectiveness of these controls. Furthermore, deficiencies of the internal controls must be identified and their vulnerabilities corrected.
SOX section 302 mandates a set of internal procedures designed to ensure accurate financial disclosure. Section 404 requires management and the external auditor to report on the adequacy of the company's internal control over financial reporting.
Lieberman Software's Enterprise Random Password Manager directly addresses sections 302 and 404 of SOX compliance.
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