on Jul 12th, 2010 in Finances: Cost & Revenue | 5 comments
 
The Sarbanes-Oxley (SOX) Act of 2002 grew out of large corporate financial scandals. SOX aims to improve corporate governance and enhance the accuracy of financial reporting. While compliance is required by the Postal Act of 2006, the Postal Service believes it is a great way to make its business stronger. SOX helps target areas of improvement and strengthen financial accounting, making the Postal Service a better business. As a result, the Postal Service designed and implemented new business mail acceptance procedures and requirements in an effort to comply with SOX. The initiative includes new check-in, verification, recording, placarding, and induction procedures for processing business mail; daily certifications of SOX compliance by business mail entry units; an updated mail acceptance handbook; and enhanced customer use of the PostalOne! system. Although the Postal Service hopes to strengthen its financial integrity and reporting accountability and reinforce the public’s trust in the Postal Service, there is widespread confusion at postal facilities about SOX compliance and how it changes (or does not change) mail acceptance and verification policies. Mailers and service providers often argue that postal facilities are misinterpreting SOX compliance policies, describing problems such held-up mailings, inconsistent acceptance processes, insufficient education and training, and inconsistent approvals from postal personnel. What do you think about the Postal Service’s new business mail acceptance procedures? We’d like to hear from you. We are also currently conducting an audit evaluating whether the Postal Service is effectively implementing the requirements of SOX. Click here for more information or to provide comments on the audit. This topic is hosted by the Office of Audit Field Financial – Central team.

5 Comments

welcome to china

When I take our mailings to the post office, it now takes 40 minutes to have our mail processed, where it used to take only 20 minutes. Plus the part I play, in the way the mail is presented, has become much more involved, with no increased benefit to us.

Thanks for your comment Donna. Would you please elaborate how your part is more involved. What are you now doing extra or differently now than what you used to? This will help us to better understand the customer's perspective.

When Postal One was down, we were required to submit hard copy forms even though we had already submitted them electronically and had the Confirmation paperwork with the mail. This delayed the mail being accepted and created doubl ework for us.

Very happy to see your article, I very much to like and agree with your point of view. Thank you for sharing.

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