Análisis de los beneficios de implementar controles financieros bajo la Ley Sarbanes Oxley (Sox) en empresas colombianas del Sector Real

Abstract

The main objective of this article of reflection is to analyze the benefits that the implementation of financial controls has for Colombian companies, under the guidelines of the Sarbanes Oxley Law. In cases of financial fraud found in organizations worldwide, there is a need to exercise control over financial information, in order to generate confidence in investors and the general public. In the United States, the Sarbanes Oxley Act was created, which defines guidelines on measures to be implemented in internal control to ensure the reliability of financial information, which can be implemented in Colombian companies to design internal controls. The foregoing was carried out through a bibliographic review, using a theoretical method, indicating characteristics and relevant aspects of the Sarbanes Oxley Law, in order to carry out a comparative analysis between the standards applied in Colombia for the presentation of financial information and the SOX Law, and its application through practical examples of internal financial controls. Finding as a result that the Colombian regulations, although it establishes that public accountants, auditors, tax auditors and administrators must report on the internal control of the company, it is not specific as to what should be reviewed and what parameters to take into account for a adequate internal control; aspects that the Sarbanes Oxley Law establishes. It is concluded that the implementation of internal financial controls under the Sarbanes Oxley Act allows companies to have a strong internal control system that helps and facilitates compliance with Colombian standards.