Love or hate it, Sarbanes-Oxley has changed the way companies are doing business. Whether it's related to general areas of corporate governance, executive management/BOD liability or the rigor applied to the generation of the company's financial statements, the effects of Sarbanes-Oxley have been universal. Compliance with section 404 of the Act has forced the documentation and testing of policies, processes and procedures supporting the generation of a company's financial statements. OK, we have the accounting side of the business tied down, but what about the commercial side and its associated risks? That part of the business that generates the results we need to report.
There should be as much rigor applied here as there is in the proper accounting for the business. To do so is just plain good governance. The information, controls, and the messages that commercial policy document has daily impact over a much larger employee population than those involved in Sarbanes compliance. It is a formal document that should be widely circulated and understood throughout the organization.
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