JO3403 Sarbanes-Oxley Act: HR’s Role in Ensuring Compliance and Driving Cultural Change Created by BNA Exclusively for ADP COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL AFFAIRS, INC., WASHINGTON, D.C. 1 SARBANES-OXLEY ACT: HR’S ROLE IN ENSURING COMPLIANCE AND DRIVING CULTURAL CHANGE OVERVIEW Passed in the wake of Enron and other corporate scandals early this decade, the Sarbanes-Oxley Act of 2002 (SOX) has ushered in an unprecedented level of government oversight to the internal processes and controls of publicly traded companies. The objective of the Sarbanes-Oxley Act is to ensure that stockholders in public companies are given a clear picture of a corporation’s financial condition by mandating disclosure of all material financial or operational events, thereby preventing the kind of fraudulent financial practices that ensnared Enron Corp. and WorldCom Inc. The sheer magnitude of personnel costs—40 percent to 60 percent of most companies’ budgets, according to one recent study—all but guarantees that the role of human resources in SOX compliance is a critical one. Furthermore, poorly performed or documented HR processes can open the door not only to SOX noncompliance but also to legal risks under federal employment laws. Financial losses from lawsuits filed against the company under these laws could, in turn, trigger further SOX liability. But by leveraging its unique position as the crucial interface between an organization’s human element and its financial bottom line, HR also can help drive efforts to meet SOX’s regulatory requirements—and even change the organization’s culture and profitability in the process. “To the extent that the HR department gave its blessing to activities that might have resulted in fines or penalties being levied, or which led to any kind of employment suit, HR executives might find themselves swept up in any Sarbanes-Oxley charges,” according to Peter Petesch, a partner with Ford & Harrison, LLP, Washington, D.C. “Therefore, it is incumbent upon HR to act vigorously in its ‘checks and balances’ role by squashing any violations before they occur, to supply training to staff on compliance with applicable ethics laws, and to have the ears of executives at the highest levels of the corporation.” SOX by the Numbers: U.S. businesses over the short term will spend more to comply with SOX than any other government regulation, according to a March 2006 study by AMR Research. The study estimated that compliance with all government regulations and laws will cost U.S. companies $27.3 billion in 2006, with SOX compliance alone accounting for 22 percent of that, or $6 billion, the largest single segment. AMR estimated overall compliance spending will climb to $28 billion in 2007, with SOX again taking the largest share of that amount. COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL AFFAIRS, INC., WASHINGTON, D.C. 2 SECTIONS 404 AND 409 OF THE SARBANES-OXLEY ACT ...

1. JO3403
Sarbanes-Oxley Act:
HR’s Role in Ensuring Compliance
and Driving Cultural Change
Created by BNA Exclusively for ADP
COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL
AFFAIRS, INC., WASHINGTON, D.C. 1
SARBANES-OXLEY ACT:
HR’S ROLE IN ENSURING COMPLIANCE
AND DRIVING CULTURAL CHANGE
OVERVIEW
Passed in the wake of Enron and other corporate scandals early
this decade, the Sarbanes-Oxley
Act of 2002 (SOX) has ushered in an unprecedented level of
government oversight to the internal
processes and controls of publicly traded companies.
The objective of the Sarbanes-Oxley Act is to ensure that
stockholders in public companies are
given a clear picture of a corporation’s financial condition by

2. mandating disclosure of all material
financial or operational events, thereby preventing the kind of
fraudulent financial practices that
ensnared Enron Corp. and WorldCom Inc.
The sheer magnitude of personnel costs—40 percent to 60
percent of most companies’ budgets,
according to one recent study—all but guarantees that the role
of human resources in SOX
compliance is a critical one.
Furthermore, poorly performed or documented HR processes
can open the door not only to SOX
noncompliance but also to legal risks under federal employment
laws. Financial losses from
lawsuits filed against the company under these laws could, in
turn, trigger further SOX liability.
But by leveraging its unique position as the crucial interface
between an organization’s human
element and its financial bottom line, HR also can help drive
efforts to meet SOX’s regulatory
requirements—and even change the organization’s culture and
profitability in the process.
“To the extent that the HR department gave its blessing to
activities that might have resulted in
fines or penalties being levied, or which led to any kind of
employment suit, HR executives might
find themselves swept up in any Sarbanes-Oxley charges,”
according to Peter Petesch, a partner
with Ford & Harrison, LLP, Washington, D.C. “Therefore, it is
incumbent upon HR to act
vigorously in its ‘checks and balances’ role by squashing any
violations before they occur, to
supply training to staff on compliance with applicable ethics

3. laws, and to have the ears of
executives at the highest levels of the corporation.”
SOX by the Numbers: U.S. businesses over the short term will
spend more to comply with
SOX than any other government regulation, according to a
March 2006 study by AMR
Research. The study estimated that compliance with all
government regulations and laws will
cost U.S. companies $27.3 billion in 2006, with SOX
compliance alone accounting for 22
percent of that, or $6 billion, the largest single segment. AMR
estimated overall compliance
spending will climb to $28 billion in 2007, with SOX again
taking the largest share of that
amount.
COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL
AFFAIRS, INC., WASHINGTON, D.C. 2
SECTIONS 404 AND 409
OF THE SARBANES-OXLEY ACT
Two provisions of SOX—sections 404 and 409—have particular
impact on HR operations.
Section 404 requires companies to assess the adequacy of
internal controls and processes that
could affect financial reporting. A central repository of
documented company processes is a
crucial component of compliance with Section 404, and HR is

4. involved in many of those
processes, from payroll to pensions.
As of Nov. 15, 2004, publicly traded companies with market
capitalization of more than $75
million were required to file annual SOX reports with the
Securities and Exchange Commission
(SEC) along with their regular financial disclosures. In March
2005, the SEC pushed back the
compliance deadline by one year for companies with market
capitalization of less than $75
million. Those companies now face Section 404 audits for fiscal
years that begin on or after July
15, 2006.
Some human resources areas—such as payroll, accrued leave,
and pension obligations—have
always been subject to the scrutiny of outside auditors. But
before SOX, “the auditor could just
kick the tires,” said Lynn E. Turner, managing director of
research at Glass Lewis & Co., an
institutional investment research firm based in San Francisco.
“Now, they have to state that the
procedures are reasonable and working.”
Section 409 of the law is also particularly relevant to the HR
function. This section requires real-
time public disclosure to shareholders of financial and/or
operational material changes. Section
409 is triggered by “any kind of movement of dollars,” said
John Cooper, partner with the Atlanta-
based Hackett Group, an Atlanta-based consulting firm.
Changes that might have a material impact on a company’s
bottom line can come from a variety
of places in a company, including the HR department. Some

5. examples of material changes
include:
• the departure of a CEO or other top executive;
• government fines or penalties
• employment lawsuits;
• revision of benefits programs, such as converting to opt-out
401(k) programs or
eliminating defined benefit retirement plans;
• new labor contracts; and
• noncash compensation, including awards and incentive
programs.
SOX by the Numbers: A study conducted for the Big Four
accounting firms by CRA
International found that auditors in the first year of SOX tested
an average of 669 key controls
at larger companies (more than $700 million in revenue) and
262 at smaller companies
(between $75 million and $700 million), at an average per-
company cost of $2 million for
larger companies and $423,000 for smaller companies. In year
two of SOX audits, all of these
figures fell by about 20 percent.
COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL
AFFAIRS, INC., WASHINGTON, D.C. 3
HR’S CRITICAL ROLE IN SOX COMPLIANCE

6. A SOX compliance audit looks at processes and asks
whether they are documented, repeatable, automated, and
auditable. Top management will look to HR for participation
in SOX compliance not only to meet the needs of the
particular audit, but also to evaluate and improve processes
for the future integrity and profitability of the business.
“Given the importance of establishing proper controls and to
re-look at processes and systems that ensure [compliance],
Sarbanes-Oxley has given HR functions senior-level
visibility” and support for instituting “best practices,” such as
fully utilizing the functionality of information systems, said
Steven Joyce, HR practice manager at
The Hackett Group.
Management will expect HR to engage in risk management and
to provide the executive suite
with monthly risk assessments, said Cooper.
HR also must ensure data integrity for the corporation’s
personnel records since HR management
systems track who works for the company, how they are paid,
and what they are owed.
HR also acts as the gatekeeper for a wide variety of information
systems and must develop
visibility and transparency controls for critical information.
Distribution lists for financial information
must be kept up to date to prevent data from falling into the
wrong hands. Core HR management
systems generally have the most current organizational
structure.
HR should be getting “much more use out of the functionality of
their systems,” Cooper said. For

7. example, HR’s automated system should be integrated with
directory services, so that when an
employee leaves, HR can automatically find all the passwords
and access codes and replace or
eliminate them. This process was “a big paper chase before,” he
said.
The workforce also needs training to understand the complexity
of the new disclosure and
auditing regulations and how each employee can help preserve
the company’s financial integrity.
In addition, through training, HR management can reinforce the
importance of compliance with
other employment laws to reduce risk of fines and settlements
that could be corporate liabilities
under SOX. By tracking that the workforce has been educated
on these responsibilities, HR can
further demonstrate compliance during the annual SOX audit.
Key Roles for HR
In SOX Compliance Efforts
Risk management
Data integrity
Visibility/transparency
control
Training
SOX by the Numbers: Partly because of the increased scrutiny
of SOX audits, nearly 1,200
U.S. companies filed financial restatements in 2005—about one
for every 12 public

8. companies, nearly double the number of restatements that were
filed in 2004, according to
March 2006 Glass Lewis & Co. report. Another study, released
by Lord & Benoit, reported
that financial restatements reached record levels in 2003, 2004
and 2005.
COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL
AFFAIRS, INC., WASHINGTON, D.C. 4
EXAMINING INTERNAL CONTROLS
More than anything, SOX emphasizes the importance of internal
controls to manage risks to
investors. HR should examine internal processes to answer
questions such as:
SECURITY
Does the system provide application security? Does it track
which
employees have access to what programs and ensure that these
access points are regularly updated to reflect personnel
changes?
NOTIFICATION Does the system have event-based features
that notify management
when specific actions are required, such as performance
reviews?
EDITING

9. Is the system regularly edited to ensure data integrity?
ROUTING
Does the system provide automatic routing of transactions, such
as online salary administration by line managers?
CALCULATIONS Can the system automate complex
calculations—for example,
overtime obligations or eligibility for benefits?
QUALIFICATIONS Does the system include a database of
qualifications for various
positions, job descriptions, degree requirements, work permits,
etc.?
REPORTING
Does the system assist in compliance reporting to regulatory
agencies, such as the Department of Labor and the Equal
Employment
Opportunity Commission?
A BNA Graphic/wfsspec
ESTABLISHING CHECKS AND BALANCES
HR should look for risks such as “control deficiency,” where
internal checks and balances against
fraud or other wrongdoing are weak or nonexistent. Control
deficiencies can lead to problems
ranging from preferential hiring and promotion to embezzlement
and fraud. Judicious segregation
of duties usually ensures that, for example, an executive is not
able to hire his own nephew in
violation of federal anti-discrimination laws or corporate

10. nepotism policy.
HR has many responsibilities that should be rigorously analyzed
for possible exposure under
SOX. For example, incorrectly calculated benefits could lead to
lawsuits under ERISA or force the
company to restate earnings. Improper calculation of
commissions, which are paid out over time
and are difficult to audit, are also a potential liability.
Violations of stock blackout periods could
result in insider trading charges. Improper network access could
lead to fraud, embezzlement, or
identity theft. Managing access to sensitive information and
intellectual property is a critical HR
function, especially when people transfer, leave, or are
promoted.
“HR needs to make it so that someone can come in and open a
book and see every policy and
procedure,” said Michael Petrecca, a PricewaterhouseCoopers
private company services partner
based in Columbus, Ohio.
COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL
AFFAIRS, INC., WASHINGTON, D.C. 5
Finally, the most highly publicized aspect of SOX is the
protection it provides to the
“whistleblower,” usually an employee who reports financial
wrongdoing to regulators. HR, through
anonymous employee hotlines or its relationship with a
corporate ombudsman’s office, may be
the initial conduit to top management for this kind of

11. information. Therefore, HR’s role in
facilitating the reporting of possible wrongdoing is critical for
maintaining the corporation’s
reputation and financial standing.
LEVERAGING SOX TO ACHIEVE BEST PRACTICES
Internal systems are crucial under SOX and are under intense
regulatory scrutiny.
HR processes can tighten the bottom line, mitigate risks of legal
exposure, reduce costly
turnover, and improve corporate morale—or expose the business
to financial and reputation
losses if proper controls are not in place.
The changes wrought by SOX may be a financial burden, but
many business leaders are
discovering that these same changes can strengthen a company’s
financial and ethical
foundation. Even some privately held companies—which are not
subject to SOX requirements—
are instituting SOX best practices. In a PricewaterhouseCoopers
survey released in January
2006, one in four CEOs of fast-growing private companies said
they are voluntarily adopting SOX
“best practices.” These CEOs said that the SOX emphasis on
self-examination, internal controls,
and financial disclosure had improved corporate governance and
financial transparency.
A March 2006 survey by Boston-based consulting firm AMR
Research found that 36 percent of
the 325 North American business leaders and IT professionals
interviewed said streamlining

12. business processes was a top business benefit of SOX
compliance. Other benefits cited were
better quality (28 percent) and a more secure information
environment (14 percent).
Be ne fits of Com pliance With SOX
36%
28%
14%
0%
5%
10%
15%
20%
25%
30%
35%
40%
St reamline Business Processes Bet t er Qualit y Mor e Secure
Inf or mat ion Envir onment
P

13. er
ce
nt
ag
e
of
R
es
po
nd
en
ts
Source: AM R Research Inc.
“More forward-looking, visionary, and—quite frankly—better-
managed companies are going to
look at processes and systems, and ask if there are better ways
to do it,” said Turner, who is also
a former chief accountant for the SEC.
COPYRIGHT © 2006 BY THE BUREAU OF NATIONAL
AFFAIRS, INC., WASHINGTON, D.C. 6

14. HR managers can utilize new information systems technology to
help them with all these tasks
and enable their companies to tighten controls and simplify
auditing and reporting requirements.
Such technology allows executives to drill down past financial
reporting to the underlying internal
processes—such as work scheduling, the use of contingent
workers, and recruiting. Through
continuous monitoring of critical controls, this new breed of
information technology flags
anomalies to alert management to possible fraudulent activity.
“Using this technology, executives
receive internal control information alongside financial data in
a coherent and single view,”
Deloitte & Touche USA LLP said in a 2005 report.
Dynamic HR managers can leverage SOX compliance to
improve internal systems and
deconstruct processes to bring about “best practices” such as
tightened data security,
segregation of duties, rigorous training, and careful attention to
reporting major changes in
employee payroll and benefits. By doing so, they may position
HR to lead the corporate cultural
transformation.
BNA BOARD OF EDITORS
Paul N. Wojcik, President and Chief Executive Officer
Gregory C. McCaffery, Chief Operating Officer and Editor-In-
Chief
Robert A. Shew, Executive Editor

15. Gail C. Moorstein, Managing Editor
Bob Combs, Copy Editor
Lyda Phillips, Staff Editor
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07300740061006d00700061006e00740069002000650020007000
72006f006f0066006500720020006400650073006b0074006f007
0002e0020004900200064006f00630075006d0065006e00740069
00200050004400460020006300720065006100740069002000700
06f00730073006f006e006f0020006500730073006500720065002
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02000520065006100640065007200200035002e00300020006500
2000760065007200730069006f006e00690020007300750063006
3006500730073006900760065002e>
/JPN
<FEFF9ad854c18cea51fa529b7528002000410064006f00620065
00200050004400460020658766f8306e4f5c6210306b4f7f752830
57307e30593002537052376642306e753b8cea309267005927965
0306b4fdd306430533068304c3067304d307e3059300230c730b9
30af30c830c330d730d730ea30f330bf3067306e53705237307e30

23. 5f306f30d730eb30fc30d57528306b9069305730663044307e3059
30023053306e8a2d5b9a30674f5c62103055308c305f0020005000
440046002030d530a130a430eb306f3001004100630072006f006
2006100740020304a30883073002000410064006f006200650020
00520065006100640065007200200035002e003000204ee5964d3
067958b304f30533068304c3067304d307e30593002>
/KOR
<FEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020b370
c2a4d06cd0d10020d504b9b0d1300020bc0f0020ad50c815ae30c5
d0c11c0020ace0d488c9c8b85c0020c778c1c4d560002000410064
006f0062006500200050004400460020bb38c11cb97c0020c791c
131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c002
00050004400460020bb38c11cb2940020004100630072006f0062
006100740020bc0f002000410064006f006200650020005200650
06100640065007200200035002e00300020c774c0c1c5d0c11c00
20c5f40020c2180020c788c2b5b2c8b2e4002e>
/NLD (Gebruik deze instellingen om Adobe PDF-documenten
te maken voor kwaliteitsafdrukken op desktopprinters en
proofers. De gemaakte PDF-documenten kunnen worden
geopend met Acrobat en Adobe Reader 5.0 en hoger.)
/NOR
<FEFF004200720075006b0020006400690073007300650020006
9006e006e007300740069006c006c0069006e00670065006e0065
002000740069006c002000e50020006f007000700072006500740
0740065002000410064006f006200650020005000440046002d00
64006f006b0075006d0065006e00740065007200200066006f007
20020007500740073006b00720069006600740020006100760020
006800f800790020006b00760061006c006900740065007400200
07000e500200062006f007200640073006b007200690076006500
7200200065006c006c00650072002000700072006f006f0066006
50072002e0020005000440046002d0064006f006b0075006d0065
006e00740065006e00650020006b0061006e002000e50070006e0
0650073002000690020004100630072006f006200610074002000
65006c006c00650072002000410064006f0062006500200052006
5006100640065007200200035002e003000200065006c006c0065
0072002000730065006e006500720065002e>

24. /PTB
<FEFF005500740069006c0069007a00650020006500730073006
1007300200063006f006e00660069006700750072006100e700f5
0065007300200064006500200066006f0072006d0061002000610
0200063007200690061007200200064006f00630075006d006500
6e0074006f0073002000410064006f00620065002000500044004
60020007000610072006100200069006d00700072006500730073
00f5006500730020006400650020007100750061006c006900640
0610064006500200065006d00200069006d007000720065007300
73006f0072006100730020006400650073006b0074006f0070002
0006500200064006900730070006f00730069007400690076006f
0073002000640065002000700072006f00760061002e0020004f0
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5000440046002000630072006900610064006f007300200070006
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006f007300200063006f006d0020006f0020004100630072006f00
6200610074002000650020006f002000410064006f00620065002
000520065006100640065007200200035002e0030002000650020
007600650072007300f50065007300200070006f0073007400650
0720069006f007200650073002e>
/SUO
<FEFF004b00e40079007400e40020006e00e40069007400e4002
000610073006500740075006b007300690061002c0020006b0075
006e0020006c0075006f0074002000410064006f0062006500200
050004400460020002d0064006f006b0075006d0065006e007400
740065006a00610020006c0061006100640075006b00610073007
4006100200074007900f6007000f60079007400e400740075006c
006f0073007400750073007400610020006a00610020007600650
064006f0073007400750073007400610020007600610072007400
65006e002e00200020004c0075006f00640075007400200050004
40046002d0064006f006b0075006d0065006e0074006900740020
0076006f0069006400610061006e0020006100760061007400610
020004100630072006f0062006100740069006c006c0061002000
6a0061002000410064006f0062006500200052006500610064006
5007200200035002e0030003a006c006c00610020006a00610020
0075007500640065006d006d0069006c006c0061002e>

25. /SVE
<FEFF0041006e007600e4006e00640020006400650020006800e
4007200200069006e0073007400e4006c006c006e0069006e0067
00610072006e00610020006f006d0020006400750020007600690
06c006c00200073006b006100700061002000410064006f006200
650020005000440046002d0064006f006b0075006d0065006e007
40020006600f600720020006b00760061006c0069007400650074
0073007500740073006b007200690066007400650072002000700
0e5002000760061006e006c00690067006100200073006b007200
6900760061007200650020006f006300680020006600f60072002
0006b006f007200720065006b007400750072002e002000200053
006b006100700061006400650020005000440046002d0064006f0
06b0075006d0065006e00740020006b0061006e002000f6007000
70006e00610073002000690020004100630072006f00620061007
40020006f00630068002000410064006f00620065002000520065
006100640065007200200035002e00300020006f0063006800200
0730065006e006100720065002e>
>>
/Namespace [
(Adobe)
(Common)
(1.0)
]
/OtherNamespaces [
<<
/AsReaderSpreads false
/CropImagesToFrames true
/ErrorControl /WarnAndContinue
/FlattenerIgnoreSpreadOverrides false
/IncludeGuidesGrids false
/IncludeNonPrinting false
/IncludeSlug false
/Namespace [
(Adobe)
(InDesign)
(4.0)

26. ]
/OmitPlacedBitmaps false
/OmitPlacedEPS false
/OmitPlacedPDF false
/SimulateOverprint /Legacy
>>
<<
/AddBleedMarks false
/AddColorBars false
/AddCropMarks false
/AddPageInfo false
/AddRegMarks false
/BleedOffset [
0
0
0
0
]
/ConvertColors /NoConversion
/DestinationProfileName ()
/DestinationProfileSelector /NA
/Downsample16BitImages true
/FlattenerPreset <<
/PresetSelector /MediumResolution
>>
/FormElements false
/GenerateStructure false
/IncludeBookmarks false
/IncludeHyperlinks false
/IncludeInteractive false
/IncludeLayers false
/IncludeProfiles true
/MarksOffset 6
/MarksWeight 0.250000
/MultimediaHandling /UseObjectSettings
/Namespace [

27. (Adobe)
(CreativeSuite)
(2.0)
]
/PDFXOutputIntentProfileSelector /NA
/PageMarksFile /RomanDefault
/PreserveEditing true
/UntaggedCMYKHandling /LeaveUntagged
/UntaggedRGBHandling /LeaveUntagged
/UseDocumentBleed false
>>
<<
/AllowImageBreaks true
/AllowTableBreaks true
/ExpandPage false
/HonorBaseURL true
/HonorRolloverEffect false
/IgnoreHTMLPageBreaks false
/IncludeHeaderFooter false
/MarginOffset [
0
0
0
0
]
/MetadataAuthor ()
/MetadataKeywords ()
/MetadataSubject ()
/MetadataTitle ()
/MetricPageSize [
0
0
]
/MetricUnit /inch
/MobileCompatible 0
/Namespace [

28. (Adobe)
(GoLive)
(8.0)
]
/OpenZoomToHTMLFontSize false
/PageOrientation /Portrait
/RemoveBackground false
/ShrinkContent true
/TreatColorsAs /MainMonitorColors
/UseEmbeddedProfiles false
/UseHTMLTitleAsMetadata true
>>
]
>> setdistillerparams
<<
/HWResolution [2400 2400]
/PageSize [612.000 792.000]
>> setpagedevice