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The Sarbanes-Oxley (SOX) Act of
2002 was developed to protect investors by improving the accuracy and
reliability of corporate disclosure. In short, SOX makes reporting on internal
controls mandatory for SEC registrants and their independent auditors.
The Act was enforced due to the
several financial shenanigans in the recent past involving some large business
behemoths. The lack of strict monitoring over financial reporting in companies
left millions of dollars in losses, resulting in investor distrust. As a
result, companies today have stricter regulations and standards to be compliant.
For any business enterprise, compliance to regulations and standards has become
a necessity.
Section 404 of the Act directs the
SEC to adopt rules requiring annual reports to include an assessment, as of the
end of the fiscal year, of the effectiveness of internal controls and
procedures for financial reporting. Section 404 also requires the company's
independent auditors to attest to and report on that management assessment.
This ultimately demands better expense reporting, accurate and authenticity of
the financial data, timeliness of compliance, and real time detection of
financial risk factors.
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Automation of your internal operations is the best way to
negotiate the complexities of control processes and procedures. Doing so will save you tremendous time and money, and
further helps you easily manage and analyze activities associated with control
processes in a systematic way.
SOX calls for three main areas of
compliance:
- Legal
and regulatory requirements
- Accounting
standards and guidance
- Internal
Operations and Management
In the next column over, read more about how ExpensAble is
helping you tackle each of these compliance arenas with our solutions, or to
discuss this further with our Client Care Team, just
call (800) 756-48976.
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ExpensAble: Call us your compliance partner:
- At
ExpensAble we work hand-in-hand with you to implement the entire
automation process. We provide consulting and training for your staff.
- ExpensAble's
consulting professionals are the perfect complement to your internal team.
With our deep product knowledge, advanced skills, and proven best
practices, we work to ensure your project integration is a success.
Education on streamlining the compliance process:
- ExpensAble
Education offers accelerated learning with live instructor-led training,
Webcasts, or self-paced study. By sharing our expertise and knowledge, we
help to ensure your expense management investment generates maximum
return.
- As
your expense management partner, we help you streamline the compliance
process with detailed expense reporting, budget tracking, records
maintenance and control operations.
Integrating data and automating expense tracking:
ExpensAble ensures that auditors
and management have a comprehensive, integrated tool for access into internal
control and expense tracking. Unlike manual adhoc processes and procedures,
ExpensAble's expense management solution enables a user-friendly yet automated
expense tracking system ideal for:
- The
fast and ongoing elimination of bottlenecks and inefficiencies.
- Structured
integration of real-time, error-free expense data with payroll and
financial systems for effective tracking.
- Added
cost-savings through decreased reporting errors, improved policy/procedure
compliance, and better vendor cycle management
- Quick
analysis of expenses, budget decisions and improved forecasting as well as
real-time insights into employee expenditures.
- Improved
audit readiness.
Call us today to learn more about how ExpensAble works in
partnership with you for SOX Compliance. (800) 756-4976
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