Tuesday’s Purchtips alluded to the Sarbanes-Oxley Act (SOX). For those unfamiliar with this law, SOX applies to publicly-held companies who are now required to have “financial controls” in place, some of which involve procurement. A somewhat dated, but still relevant, article on this can be found at http://www.purchasing.com/article/CA502332.html
If you’re a subscriber to Inside Supply Management magazine, you can also find an article at http://www.ism.ws/pubs/ISMMag/ismarticle.cfm?ItemNumber=12532&token=52578&userID=
Because this law is still relatively new, new processes and procedures are continuing to be developed to ensure compliance.