SARBANES-OXLEY. February 12, 2011. What is Sarbanes-Oxley?. Myth: It is an additional workload. Fact: It is simply following the processes and procedures that exist. Myth: Only pertains to retail transactions Fact: It is all financial transactions
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February 12, 2011
Myth: It is an additional workload.
Fact: It is simply following the processes and procedures that exist.
Myth: Only pertains to retail transactions
Fact: It is all financial transactions
Myth: Only for customer services
Fact: It is everyone’s responsibility
What are the three buzz words for SOX, that if you follow, you will usually be in compliance?
USPS is testing the effectiveness of financial controls at postal facilities across the country. This phase is an important step as USPS works toward Oct 1, 2010, when its finances will be subject to the terms of the Sarbanes-Oxley (SOX) Act. (USPS News Link Sept 23)
Need to be at least 95% compliance in all financial aspects
FY 10 Focused on BMA/DMU and PVDS
FY 11 will be BMA/DMU, PVDS, PRU, Voyager, Smartpay and BRM
PS FORM 3971
Detailed information can be found in
Field Finance Training: Timekeeping
PS Forms 3971 for future leave are kept in a central location in each unit and Plant. The Plants file by tour by date and the Units file by date. Supervisor verifies the leave slips when making the schedule for the following week, inputs the leave into eRMS and finalizes the PS Form 3971. The form is then filed in the central location by employee name.
****see next slide for a properly completed PS Form 3971****
PS Form 3971, Request for or Notification of Absence
Daily SOX BMEU Certification
Daily SOX Certification
Fully performing the financial activities will help prevent loss of revenue
Activities ensure timely and appropriate revenue and expense recognition
The absence of any one or a combination of key financial activities could result in a material weakness.
Standardization and streamlining of processes and systems
Increased accountability and ownership of controls
Improved structure to solve operational issues by working together across functions
Consistent documentation of processes and systemsBenefits of Compliance