Vin D Amico

The Sarbanes-Oxley Act has been called the most comprehensive reform of corporate law since the Securities Exchange Act was passed in 1934. The reaction of many IT groups is to document everything in sight in an attempt to cover themselves. This can be counter-productive, expensive and wasteful. The point is to focus on operating procedures that relate to financial recordkeeping. By focusing on the things that matter to your business, you can keep SOX documentation clear and simple while fully complying with the regulations. These five tips will get you started.

1. How are off-balance-sheet transactions and commitments tracked and reported? 2. How are forecasting and budgeting done? How many tools are used? ...