Accountants: Educate Yourself in SOX and See Your Salary Rise
SOX stands for Sarbanes-Oxley Act. This act was enacted in 2002 and is a U.S. federal law that was created in reaction to several big accounting scandals that affected the likes of Enron and WorldCom. These scandals cost investors billions of dollars when the shares of affected companies collapsed and shook the public's confidence in the securities markets in the United States. The act was signed into law by President George W. Bush.
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If you are contemplating a career in accounting or are in the field already, it is well advised that you are skilled and knowledgeable in SOX. SOX set new standards for all United States public accounting firms. Hiring is on the rise for even rookie accountants, and if you are skilled in SOX you can expect a much higher salary. Companies quickly learned that they need to hire accountants with broad-based skills that could handle a SOX audit. Hewitt Associates LLC reported in May that of the more than 100 big companies surveyed, over 50 percent had reported they hired additional staff as a direct result of the SOX regulations. These companies reported that they included a variety of incentives such as pay raises, special awards, bonuses, stock awards, and flexible working hours.
The burden of complying with SOX has prompted a number of public companies to consider going private or even to sell the company. SOX requires U.S. corporations to go back to the drawing board to review the details of their financial reporting and to ensure that they are preparing financial statements accurately, fairly, and in an ethical manner. Many companies incorporate certification processes that increase the financial responsibility to their accountants. Companies are understandably very nervous and by educating yourself on SOX so that you know exactly what the act requires, you will make yourself a very desirable candidate for advancement within a major company.
SOX requires far more comprehensive and organization-wide financial control than what most companies are used to. Companies must report and disclose much more information than ever before, and there are dramatic penalties for failing to meet the requirements. The SOX requirements affect not only financial people, but clerks and other lower positions within the corporation as well. The Sarbanes-Oxley Act is the one most-significant audit and corporate reform governance in recent history in the United States. It is broad reaching and is transforming how business is done in the corporate world within the United States and around the world.
By becoming trained, knowledgeable, and well versed in all of the SOX guidelines and legislation, you could easily double your salary or step into a whole new accounting career. If you can demonstrate your broad knowledge of risk management and internal controls and show a great understanding of SOX documentation and procedures, you will be well on the road to earning a lot of money. Large companies are sitting squarely in the hot seat and are in desperate need of accountants who are educated in SOX.
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