Implementing Sarbanes Oxley Section 404 and 302 Compliance.

The Sarbanes-Oxley Act means that financial executives need to report quickly and accurately. It is widely accepted that here are seven steps necessary to ensure that financial reporting is done right.

1. Step one is having one source of information, for both financial and non-financial data. Organizations need a single system to provide 360° vision here.

2. Step two is to make that system Web or Intranet-based, with a appropriately secured access. You don't want information hidden in the finance department and unavailable to the rest of the company.

3. While there are bound to be disagreements over the term "real time," as used by the Sarbanes-Oxley Act, real-time capabilities are the necessary third step to compliance.  Information needs to be visible immediately.

4. The fourth step involves software: Companies should identify key performance indicators that communicate objectives and match indicators from all sides of the company to identify areas that will affect value.

5. Using standard but secured distributed tools to set up a sandbox to assess what-if scenarios is the central requirement of step five: flexible projections. Historical and predictive data need to be used to model the effects of possible events, such as acquisitions, exchange rate fluctuation and changes in business policy.

6. The sixth step ties in with the second, a Web-based application. Organizations need collaboration and a continuous flow of information. Each business unit or division needs to be involved in collecting, reporting, cleansing and signing off on all key data.

7. Finally, the seventh step to Sarbanes-Oxley compliance expandability and the ability to share the approach with partners - worldwide.
   
   Following these steps and complying with Sarbanes-Oxley demands that the CFO works with a technically competent partner - either the CIO or by using appropriate outsourcing. The CFO, as well as the CEO, are the ones that will be exposed should any problems pop up. Having a system, procedures and one single place to get information are really the three most important things."

Want to learn more?

Contact us and we will send you the Sarbanes-Oxley Sections 404 and 302 compliance White Paper and Specifications Guidelines.

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