SOX
US law mandating financial reporting controls and accountability
FSSC 22000
GFSI-benchmarked certification scheme for food safety management systems.
Quick Verdict
SOX mandates financial reporting controls for US public companies to prevent fraud, enforced by SEC with severe penalties. FSSC 22000 certifies voluntary food safety systems globally for supply chain trust. Companies adopt SOX for legal compliance, FSSC for market access.
SOX
Sarbanes-Oxley Act of 2002
Key Features
- Mandates CEO/CFO personal certification of financial reports
- Requires ICFR management assessment and auditor attestation
- Establishes PCAOB for independent audit oversight
- Enforces strict auditor independence and rotation rules
- Imposes criminal penalties for false certifications
FSSC 22000
Food Safety System Certification 22000 Version 6
Key Features
- GFSI-benchmarked certification scheme
- Integrates ISO 22000 with sector PRPs
- Additional requirements for food defense/fraud
- Risk-based environmental monitoring and allergens
- Food safety culture and quality objectives
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
SOX Details
What It Is
Sarbanes-Oxley Act of 2002 (SOX) is a US federal statute mandating corporate accountability and financial disclosure reliability for public companies. Enacted post-Enron scandals, it uses a risk-based, control-focused approach emphasizing internal controls over financial reporting (ICFR).
Key Components
- **Three pillarsPCAOB oversight (Title I), auditor independence (Title II), executive certifications and ICFR (Titles III-IV).
- Core sections: 302 (CEO/CFO certifications), 404 (ICFR assessment/attestation), 409 (real-time disclosures).
- Built on COSO framework; no fixed control count, focuses on key controls.
- Compliance via annual 10-K reporting and PCAOB audits.
Why Organizations Use It
Enhances investor trust, reduces fraud risk, improves governance. Mandatory for US-listed firms; exemptions for smaller/EGCs. Lowers cost of capital, aids M&A/IPOs, deters misconduct via criminal penalties.
Implementation Overview
Top-down risk scoping, documentation, testing, remediation using GRC tools. Applies to public issuers globally; phased over 18-24 months with continuous monitoring. External auditor attestation for most.
FSSC 22000 Details
What It Is
FSSC 22000 (Food Safety System Certification 22000) is a GFSI-benchmarked certification scheme for Food Safety Management Systems (FSMS). It applies across food chain categories from primary production to packaging and logistics. The scheme uses a risk-based approach integrating ISO 22000 PDCA cycle with HACCP principles.
Key Components
- **Three pillarsISO 22000:2018 (clauses 4-10), sector-specific PRPs (e.g., ISO/TS 22002 series), FSSC Additional Requirements (e.g., food defense, allergen management).
- Covers 8+ food chain categories (B-K).
- Built on PDCA, HACCP/OPRP/CCP logic.
- Third-party certification via licensed CBs per ISO 22003-1.
Why Organizations Use It
- Ensures market access via GFSI recognition.
- Meets retailer mandates, reduces audit duplication.
- Mitigates risks like recalls, fraud, contamination.
- Builds supply-chain trust, supports SDGs.
Implementation Overview
- Phased: gap analysis, FSMS design, training, audits.
- For food manufacturers, caterers, packagers globally.
- Requires Stage 1/2 certification audits, surveillance.
Key Differences
| Aspect | SOX | FSSC 22000 |
|---|---|---|
| Scope | Internal controls over financial reporting (ICFR) | Food safety management systems (FSMS) across chain |
| Industry | Public companies, all sectors, US-focused | Food chain sectors worldwide, manufacturing to retail |
| Nature | Mandatory US federal law with SEC enforcement | Voluntary GFSI-benchmarked certification scheme |
| Testing | Annual ICFR assessments and auditor attestations | Certification audits with surveillance/recertification |
| Penalties | Criminal fines up to $5M, 20 years imprisonment | Loss of certification, no legal penalties |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about SOX and FSSC 22000
SOX FAQ
FSSC 22000 FAQ
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