With implementation requirements related to the Sarbanes-Oxley Act coming fast and furious from the SEC and PCAOB, how is a company to cope with all the new rules? HandySoft and Plumtree Software think they may have an answer.
The firms announced last week that they have developed the Sarbanes-Oxley Accelerator, a solution that helps publicly traded companies comply with the Sarbanes-Oxley Act of 2002. Combining best-of-breed technologies to accelerate the Sarbanes-Oxley auditing process, the solution simplifies the auditing of internal controls and the preparation of financial reports.
"With the SEC's unanimous vote detailing new Sarbanes-Oxley requirements, it's imperative that companies start addressing these complex reforms now, using the timeline extension to insure that the audit process is comprehensive, timely, and accurate," said Stuart Claggett, chief operating officer of HandySoft, last week. "To address these challenges we are continuing to develop rapidly deployable, process-based solutions that reduce time-to-compliance, improve audit quality, and provide public companies with the flexibility to deal with future regulations and the management of on-going financial process improvement."
The Sarbanes-Oxley Act was passed last year as the cornerstone of federal regulators’ efforts to get control of lax accounting in publicly held companies and to hold chief executives responsible for misrepresenting a company’s financial situation.
An AMR Research's May 2003 report "CIOs: There is a Sarbanes-Oxley Project in Your Future - Do you know what it is?" stated that "sixty-one percent of companies expect business process change will be required [to comply with Sarbanes-Oxley legislation]."
"Most enterprises should take a step further than 'just complying' with Sarbanes-Oxley," said Debra Logan, analyst with Gartner Research. "If you must keep certain records for the purposes of Sarbanes-Oxley, don't stop there. Most enterprises have huge content management problems, uncontrolled explosions of e-mail, and lack of policy and procedure around many document-based processes. Take advantage of this forced opportunity to roll out document and records management software and procedures to gain business efficiency as well, rather than just using it to reduce the risk of noncompliance."
Technology will be key to helping public companies comply with the myriad of new regulations — including the stricter internal controls ruling issued last week. These new rules also offer businesses a golden opportunity to upgrade their systems.
HandySoft and Plumtree Software will conduct a series of Web seminars including product demonstrations. For more information on how to register visit:
http://www.plumtree.com/sarbanes-oxley, or http://www.handysoft.com/solutions/sarbanes-oxley.