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.