Sarbanes-Oxley and the Need to Audit Your IT Processes

The Sarbanes-Oxley Act has dramatically heightened standards for financial reporting for US public companies with a market capitalization over $75 million. The majority of data that makes up financial reports is generated by IT and its related processes, therefore, it is critical that the effectiveness of these processes can be verified. By having well defined standards and procedures that can be verified, CEO's and CFO's can be confident that the reports they are certifying came from well maintained and error free software applications.

The first section of this paper discusses the role that IT will play in complying with the Sarbanes-Oxley Act. We examine the sections of the Act that IT executives should take most interest in and how they can be at the table when key decisions are made regarding Sarbanes-Oxley.

The second section discusses three popular frameworks or methodologies that can be employed to help establish internal controls for the purpose of complying with Sarbanes-Oxley.

Finally, we introduce the MKS Integrity Solution, and describe how this software configuration management (SCM) and process management solution can help you achieve reliable process control and repeatability. The MKS Integrity Solution offers internal control of core financial reporting processes.

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