OiWare, a leading provider of Sarbanes-Oxley (SOX) compliance and corporate governance software applications, has announced the availability of its iNTENTcheckT software application which will be offered through its business partner channels.
iNTENTcheckT serves as the foundation for company-wide corporate governance through its capacity to join an organization's governance, risk and compliance operations into one single software management solution and help management control its intent from the top down approach and to comply with SOX section 404a. This does not require a large investment of resources or complicated IT infrastructure, as this solution leverages off existing information and highlights what is needed for SOX compliance.
The 2002 Sox Act report for section 404a states that the Commission shall prescribe rules requiring each annual report required by sections of the Securities Exchange Act of 1934 to contain an internal control report which will state management's responsibility to establish and maintain an adequate internal control structure and procedures for financial reporting, as well as contain assessments, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.
Software sellers are now revising old products to deal with SOX, but the vendors are doing so in an environment where the needs of the product are not fully known. The auditors are trying not be overwhelmed by the workload as they hurry to meet mandated deadlines. Often they are using familiar software products, rather than some new products that might help them reduce cost and work hours, as well as increase productivity. INTENTcheckT was built under the Committee of Sponsoring Organizations of Treadway Commission (COSO) framework that is designed specifically to meet SOX compliance and organizations corporate governance.
"The small to mid-sized businesses need guidance for an affordable, intuitive Sarbanes-Oxley compliance and corporate governance solution. Not only is compliance expensive, the market lacks technology tools and solutions that are specifically designed, priced and built from the ground up on a COSO framework for the small to mid-sized market until now with iNTENTcheckT," said OiWare CEO Alec Brophy.