I love the “For Dummies” books. We have used them many times. What a wonderful way to simplify everything from travel to home improvements to technology. Obviously it has become quite successful along the way so they must be doing something right.
This week’s esourcing wiki is A Regulatory Compliance Primer . It reviews a few of the various rules and regulations for importing and exporting.
There are a lot of regulations to follow. A significant one in the United States is Sarbanes-Oxley. It is a regulatory law that has been in place for over 10 years. It was in reaction to accounting scandals that occurred with major corporations such as Enron, Tyco, Worldcom to name a few.
I know it became a default phrase that everyone used and new processes and technology had to keep that in mind. I am not sure everyone understood what it was but just knew the buzzword. I was happy to come across this article “Taking a Look at Sarbanes-Oxley ”. It is part of the Dummies series – making everything easier.
The article indicates that the law applies to public companies and it also requires a third party to audit the results. The financials are not official until that has been completed.
How has your procurement team dealt with regulations such as Sarbanes-Oxley? Did it increase confidence in who you were doing business with?
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