Give me an example of how SOX compliance has affected your career.
"I haven't had any auditing experience working in a professional setting. I just graduated and I think education is an integral part to gaining the technical knowledge necessary to become an auditor. I took several Auditing classes and was able to focus my courses on the financial audit. I enjoyed finding discrepancies and chasing down leads. It's like a financial jigsaw puzzle that when correctly put together, ensures the accuracy of the company's financial statements for the public."
"I have my Certified Information Systems Auditor designation from ISACA, so I'm certified to audit information systems. My first accounting position was as an internal auditor on the front lines of a User Access Review and Termination controls, both of which are information security concerns for any company. I enjoyed auditing so much I became an internal financial auditor for 4 years before moving to an external auditor role with PWC, one of the big four accounting firms, for 3 years, so I'd say that SOX has impacted my career at every turn."
SOX, or the Sarbanes Oxely-Act, was enacted after the ENRON scandal in which a company lied on their financial statements and stole money from customers, the public, and their employees. Hundreds of people lost their jobs, a few committed suicide, and their highest executives were sent to prison. Due to this scandal along with a few others, the Accounting industry was turned upside down as new standards and laws were established. Auditing has become common practice for all publicly traded companies.
"SOX Compliance affects everything I do as an auditor. If there's no control for an issue that arises, then the company needs to create one. I've assisted in several different types of audits from User Access Reviews, Financial Audits, and Information Security Audits. All fall under the SOX Compliance regulations that have been enacted."
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Anonymous Answer
SOX compliance meant that the US entities I worked for had to comply with many requirements to prove the integrity of their financial records.
At a US training firm, I worked with Revenue Recognition was a big issue, it meant a step-by-step process was taken to justify every Dollar. This meant Revenue could not be recognized on any project without several milestones been reached.
At another US entity, stringent internal controls were put in place and detailed Balance Sheet reconciliations were required in Blackline and every account on the Trial Balance had to be reviewed in TB reviews.
This was very helpful for consolidations as you could see the impact of intercompany transactions and the subsequent netting off required.
Chad's Feedback
It sounds like SOX compliance has had a significant impact on the organizations you've worked for, and therefore, on your career. One suggestion to strengthen your answer is to avoid moving from "I" to "you" language in your final sentence. Consider re-stating that particular sentence as follows to ensure your answer remains personalized to you: "This was very helpful for consolidations as I could see the impact of intercompany transactions and the subsequent netting off required."
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