SOX Center

On April 10th, at 1:30 p.m. EST, join OiWare’s CEO Alec Brophy for a 30-minute Web cast with an interactive discussion .

Join OiWare’s CEO Alec Brophy 30 Minute Web cast with an interactive discussion will highlight:

- Market trends and developments
- Vision on the market and positioning of OiWare
- Concerns for executives
- The need for a Sarbanes-Oxley and corporate governance solution

Register at:www.oiware.com

By December 15, 2007, all public companies with yearly revenues totaling $75,000,000 or less are mandated to comply with section 404(a) of the Sarbanes-Oxley (SOX) Act of 2002. Section 404(a) holds management responsible for internal control procedures Section 404(a) which requires these non-accelerated filer’s to complete documentation of internal controls and procedures for financial reporting.

Software vendors are creating new and revising old products to handle the Sarbanes-Oxley compliance, while auditors try to keep from drowning in the workload. In many cases, organizations are using the software products they know rather than adopting new products that can increase their productivity and help them reduce costs and work hours. Typically, clients are tracking their significant accounts and processes in either a relational database or in a simple Excel-based spreadsheet. A survey of SOX compliance implementers noted that 88.9 percent of the respondents were using generic products such as Excel, Access or Visio to complete SOX related tasks. Companies can save valuable time and money resources by instead implementing software applications designed specifically for SOX compliance.

The SEC’s Commissioners today endorsed the recommendations of the agency’s professional staff to eliminate waste and duplication in the Sarbanes-Oxley compliance exercise, in a move that will particularly benefit smaller companies. The Commissioners urged the SEC staff to continue to work closely with the Public Company Accounting Oversight Board (PCAOB) to make the internal controls provisions of Section 404 of the Sarbanes-Oxley Act of 2002 more efficient and cost effective.

Under the Sarbanes-Oxley Act, PCAOB audit standards must first be approved by the SEC and cannot take effect without a vote of the Commission. The Commission expects the new PCAOB standard will be submitted for SEC review by the end of May or early June, in time for the 2007 financial statement audits.

SEC: SEC Commissioners Endorse Improved Sarbanes-Oxley Implementation To Ease Smaller Company Burdens, Focusing Effort On ‘What Truly Matters’

Will companies and their auditors ever agree on how to test information technology systems for Sarbanes-Oxley compliance? The Institute of Internal Auditors hopes its new guidelines on IT controls will help.

Since companies began complying with the Sarbanes-Oxley Act, one common complaint about auditor scrutiny has been loud and clear: external auditors have spent too much time on technology systems that seem unrelated to financial statements.

It’s an issue that has been confusing for both sides. The problem: Information technology has an often indirect relationship with the final results in financial statements, and there’s little standard guidance to tell companies how to determine the strength and security of IT-specific internal controls.

CFO.com: A Truce in the Sarbox Tech War?

A group of America’s largest firms has joined forces to found the Center for Audit Quality (CAQ) in a bid to restore corporate confidence in the profession.

The move comes as auditors and companies prepare to adjust to significant changes to the implementation of the Sarbanes-Oxley compliance and audit law, which have been unveiled by the Securities and Exchange Commission and the Public Company Accounting Oversight Board in recent weeks.

Accounting professionals will dominate the new organisation’s 12-member board. Seven seats will be held by the head of the American Institute of Certified Public Accountants and the chief executives of the six largest audit firms, with two seats rotating among smaller and mid-tier firms. Three public board members will be named shortly, the Dow Jones reported.

AccountancyAge: Audit lobby group formed to combat Sarbox beef-up

ITGI has released an updated edition of its well-received publication, IT Control Objectives for Sarbanes-Oxley. The first edition, published in 2004, has been downloaded more than 250,000 times. Companies around the world have used it as a tool for evaluating IT controls in support of Sarbanes-Oxley compliance. Experts from many organizations, including the top 10 accounting and professional firms, provided input and direction for the update.

Here you will find the Link to the IT Governance Institute Download.

This time I am delighted to pronounce the new sponsor of this blog: SOX Automation, Inc. The company offered their expertise to take part at SOX-Center.com.

I accepted this grateful opportunity to strengthen the content of the blog, and I am looking forward to a productive cooperation.

About SOX Automation, Inc:

SOX Automation is a business solutions company focused on helping fast-growth public and private companies succeed and address critical business requirements related to Sarbanes-Oxley compliance and internal control risk management.

SOX Automation´s applications enable you to manage the changing complexity of internal control management in a cost-effective and sustainable manner. Our service model supports growing enterprises that need a scalable internal audit solution that can be quickly implemented, easily deployed, and customized throughout the lifecycle of your organization.

We are uniquely positioned to optimize your investment in internal control and reporting software. Achieve better insight, gain greater control and discover a smarter path to financial compliance with SOX Automation.

All content, sponsored by SOX Automation, Inc will be marked as paid content.