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Sarboxing

CFOs say complying with Section 404 of Sarbanes-Oxley (SOX) is a real tussle.

> > Over the past few years, CFOs have been anti-tech, mostly because they have been asked to figure out ROI calculations on IT investments. But the tide is changing in favor of tech again. The reason is regulatory: thanks to the Sarbanes-Oxley Act (SOX), CFOs must now certify that their companies financial statements are accurate. CFOs must also make sure their internal financial controls are up to snuff. Finance chiefs could now lose their homes if they make a misstep, so they are spending alot of energy and cash on SOX compliance.
To help cope with the added work and risk brought on by the new SOX reporting, many finance chiefs are turning to technology. Software makers have been launching applications geared towards Sarbanes-Oxley (SOX) compliance.

Source: CFO article


Published:2003-06-30
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