Tuesday's Purchtips alluded to the Sarbanes-Oxley Act (SOX). For those unfamiliar with this law, SOX applies to publicly-held companies who are now required to have “financial controls” in place, some of which involve procurement. A somewhat dated, but still relevant, article on this can be found at http://www.purchasing.com/article/CA502332.html
If you’re a subscriber to Inside Supply Management magazine, you can also find an article at http://www.ism.ws/pubs/ISMMag/ismarticle.cfm?ItemNumber=12532&token=52578&userID=
Because this law is still relatively new, new processes and procedures are continuing to be developed to ensure compliance.
To Your Career,
Charles Dominick, SPSM
President
Next Level Purchasing, Inc.
Struggling To Have A Rewarding Purchasing Career?
Earn Your SPSM Certification Online At
http://www.NextLevelPurchasing.com
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2 comments:
And the hassles it entails so costly to some companies that were unprepared, that many foreign companies are still delisting from American Stock Exchanges and moving to alternatives, like the London Stock Exchange, instead:
http://blog.europeanleaders.net/procurement-blog/2007/7/27/sarbox-sends-another-blue-chip-running-for-the-hills.html
Wow, Michael. I wasn't aware of that. That is quite an interesting phenominon that's happening!
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