Many SOX provisions require companies to verify the accuracy of their financial information. Because IT systems hold many types of financial information, companies and auditors quickly realized that these systems were in scope for SOX compliance. That meant that how those systems are used and the controls used to safeguard those systems had to be reviewed.

a. True.
b. False.

The Statement is True.

Explanation:

SOX is the act that protect the user and shareholders from financial errors from companies. With the help of this act, financial and IT side must comply the rules of SOX. As mentioned here most the companies has their record and financial information in IT related computer systems. According to SOX act, companies should maintain the record of their financial data for previous 5 years. Provision of companies financial information is compulsory requirement.

So, Many SOX provisions require companies to verify the accuracy of their financial information. Because IT systems hold many types of financial information, companies and auditors quickly realized that these systems were in scope for SOX compliance. That meant that how those systems are used and the controls used to safeguard those systems had to be reviewed.