Leading Ideas Preparing for Sarbanes-Oxley Thomas K. Casey, CMC   By now most Chief Executive Officers are aware of their responsibilities to comply with the Sarbanes-Oxley Act of 2003.  In a few short months their responsibilities as CEO will be extended in an unprecedented way in terms of gravity and scope:  they will be directly and personally responsible for the accuracy and content of critical financial information. But financial reporting compliance is not the only issue to be dealt with under this new law.  Have you and your executive team considered how the law will affect the internal operations of your company, and how it will completely change the culture and processes within your organization? Are all your employees, both management and staff, fully aware of the law and its implications, as well as their responsibilities? Are your relevant documents, both print and electronic, easily retrievable?  Do you have a corporate e-mail policy which will provide compliance, yet maintain employee security and confidentiality?  Is it written? Are your public accountants really the best source for confirming that your enterprise meets the standards set by Sarbanes-Oxley for auditable and integral business processes?  That is, are you really satisfying the tough new demands for independence by relying on your audit firm, given Sarbanes-Oxley's intent to provide real oversight to accounting and assurance processes? Are your financial reporting, accounting and operational systems performing effectively to supply the accurate and timely information mandated by Sarbanes-Oxley? Are information flows and processes streamlined and efficient to allow "the facts" to get to your desk prior to reporting?  Are they documented? Have you established a clear policy and the necessary procedures to accomodate potential "whistle blowers"? These are just a few of the puzzling questions and potential roadblocks that will affect your compliance strategy.  Historically, well-meaning legislation has created impediments in the business workplace, despite its good intentions (e.g. OSHA).  Continuing in that direction, Sarbanes-Oxley will change your business processes and corporate culture forever. Thomas K. Casey is President, Business Consulting Services.  He can be reached at bcs@consultbiz.com, 610-328-9806, or  www.consultbiz.com.   Leading Ideas Archives Two Responsibilities of Corporate Leaders, Dr. Terry J. van der Werff, CMC