® SOX Overview MTAC Meeting November 19, 2008. What SOX Means for USPS  As a result of the Postal Act of 2006, the Postal Service has two SOX requirements:

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® SOX Overview MTAC Meeting November 19, 2008

What SOX Means for USPS  As a result of the Postal Act of 2006, the Postal Service has two SOX requirements: –A quarterly certification by the CEO and CFO starting December 31, 2007 (Section 302) –An annual certification by the CEO and CFO requiring independent auditor review beginning September 30, 2010 (Section 404) 2

What SOX Is and Is Not About SOX Is… Developing Monitoring and Reporting Mechanisms Making Sure We Follow Our Own Policies and Procedures Changing Our Ways of Doing Things to Match Our Policies SOX Is NOT… Determining Policies and Procedures Business Process Reengineering Working to Increase Productivity or Efficiency 3

BMEU Audit Issues  Delayed postage statements  Incomplete postage statements  Negative balances 4

BMEU Audit Issues  Inadequate verification –Cursory, In-depth verifications not performed –Drop-ship accuracy –Rate eligibility First versus standard Periodicals Non-profit Shape-based Carrier route Move update 5

Questions 6