Does Software Solve Sarbanes Oxley Compliance Issues?
Sarbanes Oxley software has been aptly designed for the corporate world to introduce it to the Sarbanes Oxley act.
It also helps the accounting personnel to take an insight into the legislation and document the financial reports as per the act. But is it the solution for Sarbanes Oxley Compliance Issues?
Sarbanes Oxley software is available on the internet for a download. It is very helpful software for those who are seeking Sarbanes Oxley compliance for their financial disclosures. Sarbanes Oxley software contains guides, presentations, and implementation checklists. These checklists are available in MS format. This helps the documents to be freely prepared and be edited as well.
The guide accompanied with Sarbanes Oxley software gives a total insight to the Sarbanes Oxley act. This guide which forms a part of Sarbanes Oxley software is representation of the complete act in the simple language for an ordinary person to understand. Sarbanes Oxley software also accompanies a PowerPoint presentation which explicitly illustrates the important sections of the act like section 302, 404, 401, 804, 906(a) etc.
Sarbanes Oxley software also contains a management compliance guide to provide a detailed literature on corporate governance. This management guide from Sarbanes Oxley software is a good guide for educating and bringing about awareness about the act amongst the corporate personnel.
The Sarbanes Oxley software also contains a total compliance lists. These checklists contain all the important aspects of corporate governance. They also act as a help guide while documenting the total processes for fiscal report for any particular financial year. Another help guide accompanied with the Sarbanes Oxley software is the audit committee guide. It explains the requirement of act as per the rules of Sarbanes Oxley act for the audit committee. It also explains the main actions an audit committee member should be up-to-date with. Lastly the audit committee checklist applies to the audit committee itself. This check list ensures that the audit committee performs the total tasks as per the Sarbanes Oxley act.
Various vendors sell the Sarbanes Oxley software. These vendors help the companies to meet the financial documentation and reporting requirements as per the Act. Sarbanes Oxley software sold by some vendors is specially designed to address a particular section of the Act. For example, Sarbanes Oxley software developed by Westford specifically addresses the section 404 of the law. This section addresses the need of the company to have stricter and more regulatory internal controls.
Even thought so many vendors offer the Sarbanes Oxley software but still many of the top executive still find hard to comprehend the Act. This is because although the Act contains 11 main titles, still, there are total 90 sections and three hundred discreet points of law.
Nevertheless, Sarbanes Oxley software is very helpful in making the top executives understand the documentation and evaluation process of the Sarbanes Oxley act. This software mainly uses the process based approach to the understanding of the law and also to evaluate financial processing controls.
Earl Powers, US lawyer and Sarbanes Oxley
Software expert with Aquest Group LLC
(http://www.sarbanes-oxley-software.info) – has also published
several articles related to law and SOX
http://www.sarbanes-oxley-training.info primarily focused
around the SOX Act http://sarbanes-oxley-hq.com