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SOX in   Telecom Industry Prepared by: Ravindra  nath sharma  MBA(IT) Symbiosis centre for information technology Pune Batch 2007-2009
The  Sarbanes-Oxley Act An Overview
Reasons for New Legislation
Congressional Votes ,[object Object],[object Object],[object Object],[object Object],Authorizing Force against Iraq Yes   373 No   156 Not voting   12 Securities Litigation Reform Act Yes   387 No   130 Not voting   15 Legalizing Marijuana** Yes   93 No   310 Not voting   31 ** House of Representatives only
Criminal Penalties ,[object Object],[object Object],[object Object],[object Object],Sarbanes-Oxley Certification     10 to 20 years
Is all wisdom coming from the US…? “ Americans will always do the right thing….. after they have exhausted all other options.” Sir Winston Churchill
Titles of the Act ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],SOX of 2002: An Act to protect investors by improving the accuracy and reliability of corporate disclosures ………
SOX: Who will be affected and how? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SOX Overview
SOX Review - Intent of the Law ,[object Object],[object Object],[object Object],[object Object]
SOX Review - Intent of the Law ,[object Object],[object Object]
Implications of the Act on Business ,[object Object],[object Object],[object Object]
SOX Review - Effective Dates ,[object Object],[object Object],[object Object],[object Object]
SOX Review - Key Sections ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SOX Review - Key Sections ,[object Object],[object Object],[object Object],[object Object]
SOX Review - Key Sections ,[object Object],[object Object],[object Object],[object Object],[object Object]
SOX Review - Key Sections ,[object Object],[object Object]
SOX Review - Groups that Oversee ,[object Object],[object Object],[object Object],[object Object],[object Object]
The Telecom Industry: Then and Now ,[object Object],[object Object],[object Object],[object Object],[object Object]
What SOX-compliance Initiatives can Effect An analysis report – outlining revenue maximization techniques for TSPs highlights that losses due to revenue leakages amount to the equivalent of 3% to 8% of total revenues, and can sometimes reach as high as 15%. Through interventions triggered by the SOX-compliance drive, TSPs will have a clear idea leakages and excess-cost imperatives.  Results - a correct estimate of the financial  implications can be calculated. 06/08/09 SOX in telecom indutry
Continue... ,[object Object],[object Object],[object Object],06/08/09 SOX in telecom indutry
Continue... ,[object Object],[object Object],[object Object],[object Object],06/08/09 SOX in telecom indutry
What Wipro is Doing? ,[object Object],06/08/09 SOX in telecom indutry
Wish (Wipro-SOX Holistic) Compliance Framework for Telecom Service Providers 06/08/09 SOX in telecom indutry
[object Object],06/08/09 SOX in telecom indutry
The Sarbanes-Oxley Act: In Other Words… The act is expected to translate into strict pursuance of corporate responsibility measures for companies by enforcing the following items on their to-do lists: •  Certification of company reports and financial statements by CEOs and CFOs •  Inclusion of an audited management report on internal controls in  companies’ annual  reports with an attestation from the company’s external auditor •  Imposition of strict conflict of interest rules between a given company and its auditors •  Enforcement of an ethical code for financial officers •  Retention of all relevant audit records. To society in general and investors in particular, the act is expected to lead to faster reporting of transactions and more transparency in corporate financial statements- stemming from this enforcement of enhanced accountability within companies’ checks and controls. 06/08/09 SOX in telecom indutry
Why Sarbanes-Oxley is Relevant to Telecom Service Providers With legislation like SOX, TSPs would hence be required to check for their internal control mechanisms, prove how they ensure compliance and ensure that all reported figures present a true picture of current business. 06/08/09 SOX in telecom indutry
06/08/09 SOX in telecom indutry
Contd. ,[object Object],[object Object],[object Object],06/08/09 SOX in telecom indutry
Contd. ,[object Object],[object Object],[object Object],[object Object],06/08/09 SOX in telecom indutry
The Challenge Today ,[object Object],[object Object],06/08/09 SOX in telecom indutry
Revenue leakage  06/08/09 SOX in telecom indutry
Contd.. ,[object Object],06/08/09 SOX in telecom indutry
Contd  ,[object Object],06/08/09 SOX in telecom indutry
The Way Forward A framework to propel and support an upsurge will have to incorporate the triad of people, processes and systems while leveraging on an understanding of the core business proposition. 06/08/09 SOX in telecom indutry
Case study -1 06/08/09 SOX in telecom indutry
Case study-2 06/08/09 SOX in telecom indutry
Conclusion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],06/08/09 SOX in telecom indutry
[object Object]

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S O X In Telecom Industry

  • 1. SOX in Telecom Industry Prepared by: Ravindra nath sharma MBA(IT) Symbiosis centre for information technology Pune Batch 2007-2009
  • 2. The Sarbanes-Oxley Act An Overview
  • 3. Reasons for New Legislation
  • 4.
  • 5.
  • 6. Is all wisdom coming from the US…? “ Americans will always do the right thing….. after they have exhausted all other options.” Sir Winston Churchill
  • 7.
  • 8.
  • 10.
  • 11.
  • 12.
  • 13.
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  • 20. What SOX-compliance Initiatives can Effect An analysis report – outlining revenue maximization techniques for TSPs highlights that losses due to revenue leakages amount to the equivalent of 3% to 8% of total revenues, and can sometimes reach as high as 15%. Through interventions triggered by the SOX-compliance drive, TSPs will have a clear idea leakages and excess-cost imperatives. Results - a correct estimate of the financial implications can be calculated. 06/08/09 SOX in telecom indutry
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  • 24. Wish (Wipro-SOX Holistic) Compliance Framework for Telecom Service Providers 06/08/09 SOX in telecom indutry
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  • 26. The Sarbanes-Oxley Act: In Other Words… The act is expected to translate into strict pursuance of corporate responsibility measures for companies by enforcing the following items on their to-do lists: • Certification of company reports and financial statements by CEOs and CFOs • Inclusion of an audited management report on internal controls in companies’ annual reports with an attestation from the company’s external auditor • Imposition of strict conflict of interest rules between a given company and its auditors • Enforcement of an ethical code for financial officers • Retention of all relevant audit records. To society in general and investors in particular, the act is expected to lead to faster reporting of transactions and more transparency in corporate financial statements- stemming from this enforcement of enhanced accountability within companies’ checks and controls. 06/08/09 SOX in telecom indutry
  • 27. Why Sarbanes-Oxley is Relevant to Telecom Service Providers With legislation like SOX, TSPs would hence be required to check for their internal control mechanisms, prove how they ensure compliance and ensure that all reported figures present a true picture of current business. 06/08/09 SOX in telecom indutry
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  • 32. Revenue leakage 06/08/09 SOX in telecom indutry
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  • 35. The Way Forward A framework to propel and support an upsurge will have to incorporate the triad of people, processes and systems while leveraging on an understanding of the core business proposition. 06/08/09 SOX in telecom indutry
  • 36. Case study -1 06/08/09 SOX in telecom indutry
  • 37. Case study-2 06/08/09 SOX in telecom indutry
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