DESCRIBE THE INTERNAL CONTROLS REQUIREMENTS IN SOX The Sox require public company management to implement an adequate system of internal controls over the financial reporting process. This includes controls over the transaction processing system that provides data to the financial reporting system (302 and 404). The main objectives of internal control include: safeguarding company assets, ensuring the accuracy and reliability of accounting records and information, supporting efficiency in business operations, measuring compliance with policies and procedures prescribed by management. Under Section 302, the CEO and CFO must personally certify that the financial reports are accurate and complete. They must also evaluate and report on the effectiveness of internal controls over financial reporting. This section clearly places responsibility for accurate financial reporting at the highest level of corporate management. CEOs and CFOs now face the risk of criminal fraud