6. Is all wisdom coming from the US…? “ Americans will always do the right thing….. after they have exhausted all other options.” Sir Winston Churchill
20. What SOX-compliance Initiatives can Effect An analysis report – outlining revenue maximization techniques for TSPs highlights that losses due to revenue leakages amount to the equivalent of 3% to 8% of total revenues, and can sometimes reach as high as 15%. Through interventions triggered by the SOX-compliance drive, TSPs will have a clear idea leakages and excess-cost imperatives. Results - a correct estimate of the financial implications can be calculated. 06/08/09 SOX in telecom indutry
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24. Wish (Wipro-SOX Holistic) Compliance Framework for Telecom Service Providers 06/08/09 SOX in telecom indutry
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26. The Sarbanes-Oxley Act: In Other Words… The act is expected to translate into strict pursuance of corporate responsibility measures for companies by enforcing the following items on their to-do lists: • Certification of company reports and financial statements by CEOs and CFOs • Inclusion of an audited management report on internal controls in companies’ annual reports with an attestation from the company’s external auditor • Imposition of strict conflict of interest rules between a given company and its auditors • Enforcement of an ethical code for financial officers • Retention of all relevant audit records. To society in general and investors in particular, the act is expected to lead to faster reporting of transactions and more transparency in corporate financial statements- stemming from this enforcement of enhanced accountability within companies’ checks and controls. 06/08/09 SOX in telecom indutry
27. Why Sarbanes-Oxley is Relevant to Telecom Service Providers With legislation like SOX, TSPs would hence be required to check for their internal control mechanisms, prove how they ensure compliance and ensure that all reported figures present a true picture of current business. 06/08/09 SOX in telecom indutry
35. The Way Forward A framework to propel and support an upsurge will have to incorporate the triad of people, processes and systems while leveraging on an understanding of the core business proposition. 06/08/09 SOX in telecom indutry