Resources for Sarbanes-Oxley (SOX)

Business beats back SOX provision

www.politico.com

When Congress tightened control of the nation’s corporations, the Tandy Leather Factory spent $200,000 to hire two full-time consultants to comply.

The Texas-based company was particularly concerned about the cost of implementing the Sarbanes-Oxley provision requiring auditors to certify companies’ internal financial controls. To ease the way, Tandy and other small companies were given more time.

With $60 million in annual revenues, Tandy does not have an audit department, which larger companies have to help carefully document internal controls, said the company’s chief financial officer, Shannon Greene. Of Tandy’s 450 employees, only Greene and a co-worker completely understand the company’s audit and financial control procedures.

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