Magazine article Risk Management

Putting on Your SOX

Magazine article Risk Management

Putting on Your SOX

Article excerpt

For the large majority of law-abiding companies that maintain straightforward accounting practices, the string of scandals set off by Enron, WorldCom, Arthur Anderson, Parmalat, etc. were simply baffling. How could an environment of such utter disregard for the law and proper procedure so completely dominate these powerful firms?

In the wake of such events, honest companies have become subject to stringent new regulations designed to prevent similar disasters from repeating themselves. Now every company must comply with the stipulations passed by the Sarbanes-Oxley Act of 2002 (SOX). And for many, the extra processing and disclosure requirements has proved extremely time-consuming and expensive.

According to a survey conducted by CFO magazine, 48% of all finance companies have spent (or expect to spend) at least $500,000 on SOX compliance. In an attempt to make this entire process easier and less expensive, business governance solution provider Axena Inc. has devised a software solution, SOAx Toolkit, which is now in its fourth and most comprehensive version.

This web-based application is designed as an end-to-end compliance tool suited for companies of any industry, size or scope. …

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