Specialized packages help businesses maintain accurate financial data and stay in compliance.
According to AMR Research figured cited in a Wall Street Journal report, companies will spend some $1.71 billion USD on the technology needed to help comply with Sarbanes-Oxley.
Businesses quickly realized the need for software assistance. Many more people would have to be involved in the process of controlling documents otherwise.
To meet the demand, big and small players from IBM and SAP to Minnesota-firm Paisley Consulting have developed solutions for the market.
Meeting the SOX Section 404 compliance means completing a list of tasks; these tasks identify risks and the steps needed to manage them. Once these internal controls have been tested, a manager can electronically sign off on their part of the process.
The software collects all the information from an enterprise and allows straightforward access to external auditors.