May 11, 2005
The Costliest Way to do Sarbanes-Oxley - No Technology
Year 1 (Accelerated Filers) are swearing "never again!". What are they talking about? Never again will they do a Sarbanes-Oxley project with just Excel, Word and painfully created Visio spreadsheets. The use of technology to support the project allows companies huge ROI, decreased time and increased consistency in their projects.
Unfortunately, many accounting firms advised their clients NOT to use technology. What a mistake. More cost and no leverage for Year 2.
An excerpt from an article on this topic:
"Consultants and technology analysts emphasize that while the Sarbanes-Oxley requirements could be met without purchasing new software, companies are finding that that approach puts a severe strain on their resources.
“People realized you couldn’t maintain (adequate) control over a bunch of spreadsheets and word-processing documents” without tying up a lot of manpower, says John Hagerty, an analyst with AMR Research. “And that’s the part that’s causing companies heartburn – how many people would be necessary to manage the task if you didn’t have the software.” For the complete article, click here.
For a complete Sarbanes-Oxley solution, see www.issuescentral.com to learn more about Sarbanes-Oxley Compliance Playbook(tm) or call 800.410.6681 ext 112.
Unfortunately, many accounting firms advised their clients NOT to use technology. What a mistake. More cost and no leverage for Year 2.
An excerpt from an article on this topic:
"Consultants and technology analysts emphasize that while the Sarbanes-Oxley requirements could be met without purchasing new software, companies are finding that that approach puts a severe strain on their resources.
“People realized you couldn’t maintain (adequate) control over a bunch of spreadsheets and word-processing documents” without tying up a lot of manpower, says John Hagerty, an analyst with AMR Research. “And that’s the part that’s causing companies heartburn – how many people would be necessary to manage the task if you didn’t have the software.” For the complete article, click here.
For a complete Sarbanes-Oxley solution, see www.issuescentral.com to learn more about Sarbanes-Oxley Compliance Playbook(tm) or call 800.410.6681 ext 112.
