Discover Accountability Software for Sarbanes-Oxley Requirements

Sarbanes-Oxley Requirements

Since the implementation of the Sarbanes-Oxley Act, several companies have produced and purchased software to meet the Sarbanes-Oxley requirements. The following is a list of all the Sarbanes-Oxley requirements and their details.

Sarbanes-Oxley Requirements for Section 302

(a)(1) the signing officer has reviewed the report

(a)(2) based on the officer's knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading;

(a)(3)based on such officer's knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition and results of operations of the issuer as of, and for, the periods presented in the report;

(a)(4)(A) the signing officers-are responsible for establishing and maintaining internal controls

(a)(4)(B) the signing officers - have designed such internal controls to ensure that material information relating to the issuer and its consolidated subsidiaries is made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared;

(a)(4)(C) the signing officers - have evaluated the effectiveness of the issuer's internal controls as of a date within 90 days prior to the report; and

(a)(5)(A) the signing officers have disclosed to the issuer's auditors and the audit committee of the board of directors (or persons fulfilling the equivalent function) ----all significant deficiencies in the design or operation of internal controls which could adversely affect the issuer's ability to record, process, summarize, and report financial data and have identified for the issuer's auditors any material weaknesses in internal controls; and

(a)(5)(B) the signing officers have disclosed to the issuer's auditors and the audit committee of the board of directors (or persons fulfilling the equivalent function) -----any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal controls; and

(a)(6) the signing officers have indicated in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Sarbanes-Oxley Requirements for Section 404

(a)(1)(2) RULES REQUIRED. The Commission shall prescribe rules requiring each annual report required by section 13(a) or 15(d) of the Securities Exchange Act of 1934 to contain an internal control report, which shall-

1. State responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and

2. Contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.

(b) INTERNAL CONTROL EVALUATION AND REPORTING. With respect to the internal control assessment required by subsection (a), each registered public accounting firm that prepares or issues the audit report for the issuer shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement.

Sarbanes-Oxley and Auditing

As we are well aware, Sarbanes-Oxley and auditing go hand in hand for organizations that want to maintain high compliance with the Sarbanes-Oxley Act. Since the enactment of the Sarbanes-Oxley Act by the U.S Congress, there have been major changes in the way corporations have dealt with their internal and external auditors, board of directors, corporate senior management, and many other integral parties in a corporation.

More than ever, corporations and other organizations are under scrutiny by regulators, shareholders and the public, to make certain that Sarbanes-Oxley and auditing, both internal and external are meeting standards. What is very beneficial with both our Sarbanes-Oxley and auditing software is that it has been presented internationally for dozens of clients and is constantly being upgraded to meet evolving business needs.

Governance, Risk and Compliance Software

For more than 11 years, Paisley has delivered superior software and services to both large enterprise and mid-market organizations. Governance, risk and compliance software indicates a fully integrated tool that standardizes data, automates processes and creates organizational efficiencies. GRC software has always been and continues to be our focus.
At the core of Paisley is creating integrated solutions for corporate assurance, internal auditing, risk management and compliance. With several customers in diverse markets, all with the need for GRC software, we recognize the challenges facing organizations. This unique understanding of the present challenges within organizations is what makes us the leader in GRC.

Powerful Paisley Solutions

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Risk Navigator® was designed to help companies comply with Sarbanes-Oxley compliance policies and establish long-term operational risk management solutions to Sarbanes-Oxley regulation. It’s an immediate solution with the capacity for full control and integrated Sarbanes-Oxley compliance - software for the future.

CARD®map software was designed to help organizations meet risk and control governance responsibilities including risk assessment analysis for Sarbanes-Oxley and emerging Basel operational risk requirements resulting from the Basel Accord; an excellent risk management tool used by Sarbanes-Oxley consultants everywhere.

FOCUS® is web-based and designed specifically for Sarbanes-Oxley compliance, particularly in relation to Sections 302 and 404 requirements. It is a fast, easy way to Sarbanes-Oxley compliance. It documents all risks and controls, establishes accountability, identifies gaps, tracks action plans and provides for management certification. FOCUS provides the level of detailed documentation required to satisfy external auditors in the most efficient way possible.