Sabarnes Oxley (SOX) Act and Inventory Controls

The Sabarnes-Oxley Act is a federal law established in 2002 that mandates best practices in financial record keeping and inventory reporting for corporations. Sarbanes-Oxley or (SOX) was introduced and passed by Senator Paul Sarbanes (D-MD) and Representative Michael Oxley (R-OH) after multiple corporate accounting scandals that occurred in the late 90s and early 2000s. Most notably, the Enron scandal brought to light the depth and seriousness of corporate malfeasance in what was largely an unregulated business environment. The impacts created by Enron’s corruption reverberated throughout the energy industry ultimately costing taxpayers hundreds of millions of dollars. What can inventory specialists, managers and warehouse staff do to protect themselves, their company and follow this law to the letter?