iSixSigma

SarbanesOxley

Process Improvement Benefits of Sarbanes-Oxley

When the Sarbanes-Oxley Act (SOX) was ratified in 2002, requiring strict financial reporting standards for publicly owned companies, the law was regarded by many in the business community as an administrative burden. In the eight years since SOX has been in place, however, the reporting rules have helped some companies drive continuous improvement efforts, according…

Rush to Enact Solutions Sabotages a DMAIC Project

In 2004, a small and relatively young technology company (7,500 employees and an annual revenue of $2 billion) implemented the Public Company Accounting Reform and Investor Protection Act of 2002, or what is usually referred to as the Sarbanes-Oxley Act (SOX). In an effort to be fully compliant the company identified and initiated more than…

DFSS Can Help Ensure Sarbanes-Oxley Act Compliance

Sarbanes-Oxley is a law passed in 2002 by the U.S. Congress in response to a series of accounting scandals that impacted several major corporations. The act contains a number of sections, or titles, that require certain activities related to registering with the Public Company Accounting Oversight Board (PCAOB), as well as requirements related to financial…

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Customer-Centric Risk Management Via Hoshin Planning

The new millennium brought a great deal of change in the marketplace. As the financial scandals of the 1990s came to light, new regulations were drafted and put into place to avoid such occurrences in the future. U.S. financial institutions must comply with the Sarbanes-Oxley Act, which came on the heels of the Enron scandal,…

Are You Too Compliant? Reduce Waste with Lean Six Sigma

Most public companies have gone through a period of frenzy ever since the enactment of the Sarbanes-Oxley Act (SOX) in 2002. Corporate leaders, faced with growing regulatory scrutiny and severe penalties, demanded that financial departments and outside auditors “get something in place, now!” People have been scrambling ever since to make sure their companies are…

Black Belts Can Help Allay Panic from Sarbanes-Oxley

Magda, the Master Black Belt at a manufacturing plant in the Midwest, was sitting in her office one day in April 2005, when the plant accountant and her good friend, Jeff, burst into her office crying, “They’re going to throw me in jail!” “Calm down, Jeff,” she said. “What’s going on.” Jeff blurted out, “Our…