According to AMR Research, the spending on
Sarbanes Oxley compliance will remain steady
at $6.0B in 2007 while Gartner Group estimates
that between 2003 and 2007, companies in the
U.S. will spend over $13 billion on SOX related
consulting and IT development and integration
services.
The high profile WorldCom and Enron scandal
resulted in this legislation called Sarbanes
Oxley Act of 2002. This was to safeguard the
general public and shareholders from bookkeeping
inaccuracies and all kinds of fraud practices
in organizations. The Sarbanes Oxley or Sox
as is often called specifies for how long record
should be retained and which ones. It defines
that all kinds of business records whether in
electronic or non-electronic form should be
saved for “not less than five years”.
Organizations which do not comply are penalized
or imprisoned or sometimes both. Improperly
managed document process can include a risk
of court permits for missing deadlines and criminal
and civil penalties.
For Sarbanes Oxley compliance, the senior management
of public organizations needs to certify on
the companies financial reports that the company
has taken adequate measures to bring about a
good financial reporting system in place. Companies
need to have internal controls like safely preserve
larger quantity of information coming from different
systems for longer duration. Also that they
can retrieve data well and access electronic
paper and emails, speedily and effortlessly.
The Sarbanes Oxley Act has been a source of
constant concern for top management in public
companies. Administration of compliance can
be a very tasking, complicated and expensive
job. It might take a toll on your resources
and especially it’s menacing for those
who need to certify their financial data accuracy,
if they do not comply. Sypher unburdens you
of all this trouble and gives you the peace
of mind you need the most to remain focused
on your business.
It’s often exigent for IT division of
companies to create and maintain an archive
of records. We at Sypher assist you in this
compliance program. Our expertise on the IT
and financial aspects in documentation, testing
etc. for Sox will help you not only in achieving
financial control but also application control,
data storage, security, transaction processing
systems and desktop. We provide tailor made
consultancy services to help you meet the Sox
compliance, that will tackle all challenges
relating to paper and electronic document management.
We understand your basic requirement and work
towards implementing a unique system and help
you achieve effective compliance.
This requires:
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Change
Management |
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Process
Management |
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IT assets
Management |
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Security and Privacy management |
According to the SOX Act, companies need to
make sure that the financial information of
their business that they provide to their investors
is accurate and also have a proper internal
financial reporting machinery. So the benefits
you will get from our services are:
So to keep pace with the universally accepted
laws and standards, Sypher solutions will give
you the accelerator, with which you can match
footsteps to the global market.
