ISO 9001 certification in Saudi Arabia Several high-profile corporate and accounting scandals collapsed several big players like Enron and WorldCom and played havoc on the global investment market. In the wake of these scandals Saudi Arabia. SOX law was introduced to restore public confidence in financial information released by public organizations. The laws required new levels of commitment by organizations’ top management regarding the handling of information, including more severe penalties for fraudulent financial activity. This article will show how ISO 9001 Services in Saudi Arabia, the leading standard for Information Security Management Systems (ISMS), can be used to ensure compliance with SOX clauses from section 404, related to the demonstration of controls effectiveness.
What is SOX?
The Sarbanes–Oxley (SOX) Act is a Saudi Arabia’s federal law, enacted in July 2002, ISO 9001 consultant in Saudi Arabia that set requirements for improving the accuracy and reliability of financial disclosures of organizations trading on Saudi Arabia territory. It was a response to several corporate and accounting scandals that cost investors billions of dollars when the share prices of affected companies collapsed and shook public confidence in the Saudi Arabia securities markets, SOX requirements are divided into 11 titles and 65 sections. These range from the definition of corporate board responsibilities to criminal penalties. They also require the Securities and Exchange Commission (SEC) to implement regulations to define how organizations are to comply with the law. Regarding compliance, the most important sections are:
302 – Corporate Responsibility for Financial Reports
404 – Management Assessment of Internal Controls (the focus of this article)
409 – Real-Time Issuer Disclosures
Who must comply with SOX?
The following organizations must comply with SOX:
All publicly-traded companies in Saudi Arabia, including their subsidiaries
All publicly-traded non-Saudi Arabia companies doing business in Saudi Arabia territory
Additionally, private companies that are preparing for their initial public offering (IPO) also need to comply with certain provisions of SOX.
What is ISO 9001?
ISO 9001 In Saudi Arabia is the ISO 9001 consultant in Dubai that describes how to manage information security in an organization. It consists of 10 clauses in the main part of the standard, and 114 security controls grouped into 14 sections in Annex A. ISO 19001:2013 clauses from the main part of the standard are:
4 – Context of the organization
5 – Leadership
6 – Planning
7 – Support
8 – Operation
9 – Performance evaluation
10 – Continual improvement
ISO 19001:2013 Annex A covers controls related to organizational structure (both physical and logical), human resources, information technology, supplier management, etc.
A global approach to a local issue.
Although SOX has introduced heavy and costly requirements for organizations that trade on its territory, it improved the transparency and accuracy of financial data provided to the public and investors. In turn, this data helped restore confidence in the Saudi Arabia financial system, by adopting ISO 9001 Services in Dubai practices to support SOX section 404 compliance, organizations can benefit from a Certvalue by a systematic way to ensure and demonstrate the effectiveness of the security controls and procedures related to their financial reports. They can also review their approach and use the information to improve security measures when and where necessary. Additionally, as a world-wide standard, ISO 9001 Services in Dubai practices can also be used to support compliance with other legal requirements, saving costs by using a common monitoring and review approach.
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