3 - Corp Gov - Q&A
3 - Corp Gov - Q&A
3 - Corp Gov - Q&A
18. What is the purpose of the Guide to the Sarbanes Oxley Act: Internal
Control Reporting Requirements? Why is it important to properly report on
internal controls?
- The purpose of the Guide to the Sarbanes-Oxley Act: Internal Control Reporting
Requirements is to help companies understand and comply with the
requirements of the Sarbanes-Oxley Act (SOX) related to internal control
reporting. It provides clear explanations and guidelines to assist organizations in
establishing effective internal control systems and accurately reporting on their
financial processes. Proper reporting on internal controls is essential for legal
compliance, investor confidence, risk management, corporate governance,
stakeholder trust, and strategic planning, which are vital for sustainable business
success.
19. What should happen if organizations do not comply with the requirements
set by the SOX Internal control reporting requirements?
-If organizations fail to comply with the requirements set by the Sarbanes-Oxley
Act (SOX) Internal Control Reporting Requirements, they may face severe
consequences. These consequences can include financial penalties, legal
liabilities, loss of investor trust, reputational damage, and regulatory sanctions.
List of Respondents:
1. Noreine Bagano
2. Fenna Lou Garrido
3. Mariane Mildred Bontigao
4. Gabrielle Vapor
5. Silvan Fuentes
6. Joshua Ray Aliwanag
7. Denzel Uy
8. Karylle Go
9. Andrea Grace Adana
10. Jay Mijares
11. Katherine Alyanna Sumalinog
12. Gwyneth Marie Jakosalem
13. Kasandra Gail Bureros
14. Philip Muega
15. Ricamela Von Ocampo
16. Alyana Caye Pino
17. Jiezriel Milan Labitad
18. Stella Mariz Cano
19. Angelica Hope Tadena
20. Elyza Beth Demaisip