Is Your Business Compliant With Sarbanes Oxley Standards? | Ask an ExpertInfocus
October 17, 2008 — 1,234 views
This methodology allows you to define in a quantifyable manner the compliance tasks involved in your company. All of the companies which use a type of Sarbanes Oxley software have the same financial data collection and their reporting needs are not really one and the same. For this reason, you should ask for help from your auditor or even an IT solution provider who is qualified and has a proven track record with regards to Sarbanes Oxley compliance issues. If you are unfamiliar with this you should know that it is not a particular product, but rather a methodology for business finance, thus when this article refers to software, it is not referring to any specific product, but software on this in general.
1. Contract Solutions For Businesses
Next, when it comes to properly managing the Sarbanes Oxley software, you can also consider buying a contract management solution wherein dozens of software packages are available that will allow SMBs (Small to Medium-sized Businesses) to be able to stay on top when it comes to contract compliance as well as contract controls. While you're at it, you can look at Sarbanes Oxley software assessment tool as well as packages that will be able to help you identify you're company's current state, including assessments for your company's security. Your company's vulnerability remediation and your company's security-managed services.
Assign the Sarbanes Oxley software compliance responsibility to someone that is highly dependable, right away. It is recommended that when it comes to the compliance committee for the company, should be consisted of the company's CIO, CEO, as well as the CFO. As for the company's compliance officer, in effect, he or she becomes the primary source for both the financial and the non-financial data that would be obtained by the company.
2. Write A Complicance Plan
Another tip for SMB decision makers who wants to survive the whole Sarbanes Oxley software system: you should be able to write a compliance plan for the whole company. When you do this, you should make sure that the plan can cover the whole company, each and every division of it from the lowest ranking to the highest ranking employee levels and that each and every one of these employees are briefed about the company's compliance requirements.
3. Foster Good Communication
The next Sarbanes Oxley software survival tip is to be able to develop an efficient communications plan wherein you should definitely make sure that this task will be performed accordingly as a part of the development of the company compliance itself. The purpose for this communications plan is to ensure that each and every one of the company's employees will be able to have a personal opinion on the matter wherein when it comes to having questions about the compliance or the Sarbanes Oxley software they have people whom they can ask to be able to get the answers that they need in order to understand the Sarbanes Oxley software.
4. Make Financial Information Readily Available
Next up for your Sarbanes Oxley software survival guide is you have to make sure that the financial reporting system for your company is accessible to all employees. You can have it made available for the whole company through intranet while you can give other people who are from outside your company access to this through internet. Since you are aiming at helping the whole company get comfortable with using the Sarbanes Oxley software applications system, you should start by ensuring that the whole company will be able to gain access to these financial reports.
5. Go Real Time For The Most Up-To-Date Information
Next Sarbanes Oxley software tip is to consider building a real-time system for financial reporting for your business, this way, it is highly recommended that the company's SMBs consider setting in place a system that will be able to provide real time as well as highly visible financial information, since the whole company will be sharing these financial reports, you might as well get ones that are up-to-date.
6. Provide Information
And the last tip for Sarbanes Oxley software survival for SMB decision makers is to get everyone in your company involved In the whole process, you should be able to make sure that all the employees no matter what their ranking is (meaning not just the company directors or officers) should know as well as are able to understand how the Sarbanes Oxley software operates.
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