SOX Overview MTAC Meeting The Sarbanes-Oxley Act Enacted in 2002 as a result of a series of large corporate financial scandals Paul Sarbanes Improves confidence in financial reporting by 2

Promoting effective execution of controls Increasing corporate governance Reducing fraudulent practices and accounting inconsistencies Michael Oxley What does SOX mean for the Postal Service? We are the only federal agency required to comply with SOX As a result of the Postal Act of 2006

3 We began quarterly Section 302 certifications in February 2008 We must comply with Section 404 of SOX by Sept. 30, 2010 We must file with the Postal Regulatory Commission (rather than the SEC)

Section 302 Certification Certification included in reports 10-Q and 10-K Under Section 302, the CEO and CFO must State that the financial statements fairly represent the financial position and results of operations of the Postal Service State their responsibility for establishing and maintaining effective disclosure controls and procedures Broadens the current emphasis of integrity and completeness of controls relating to financial reporting Section 404 Certification

Certification included in 10-K report annually beginning September 30, 2010 Under Section 404, the CEO and CFO must State their responsibility for establishing and maintaining an adequate internal control structure over financial reporting Make an assertion on the effectiveness of the internal control structure with regard to financial reporting Provide annual 404 certifications for fiscal year 2010 and beyond

Public accountant audits the effectiveness of internal controls over financial reporting Impact of SOX Communicating the importance of SOX to the organization Oversight Bodies All Hands Meetings Postmaster Conventions

SOX Website Newsletter SOX Timeline FY 2007 Prepare FY 2008 Document FY 2009 Test

FY 2010 Report Determine Materiality and Scope Prepare Documentation Continue Gap Remediation Test Controls Establish Steering Committee Develop Communications & Training Plan

Identify Controls and Gaps Readiness Testing Initiate Gap Remediation Update Documentation Update Documentation Report and Certify Benefits of SOX Compliance Reinforce public trust in our financial reporting Standardize and streamline processes and systems Target areas of improvement and strengthen our

business practices Increase accountability and ownership of controls Improve cross-functional support to solve challenges 8 Questions 9 Questions Email [email protected] 10

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