HandySoft Corporation, the leader in business process management (BPM) solutions, and Enterprise Web leader Plumtree Software today announced the Sarbanes-Oxley Accelerator, a solution that helps publicly traded companies comply with the Sarbanes-Oxley Act of 2002. This solution combines best-of-breed technologies to accelerate the Sarbanes-Oxley auditing process, simplifying the auditing of internal controls and the preparation of financial reports.
The Sarbanes-Oxley Act is the cornerstone of federal regulators’ financial accounting reform and attempts to protect investors by holding executives of public companies directly accountable for any misrepresentation of a company’s financial information. According to AMR Research’s May 2003 report “CIOs: There is a Sarbanes-Oxley Project in Your Future Do you know what it is?,” 61 percent of companies expect business process change will be required [to comply with Sarbanes-Oxley legislation]. Many public companies are using technology to automate the enforcement of financial rules and processes to comply with the Sarbanes- Oxley Act. This compliance effort is also an opportunity for companies to reap wider business benefits as their business and financial processes are evaluated, improved, automated and strictly enforced.
“With the SEC's unanimous vote detailing new Sarbanes-Oxley requirements, it's imperative that companies start addressing these complex reforms now, using the timeline extension to insure that the audit process is comprehensive, timely, and accurate," said Stuart Claggett, chief operating officer of HandySoft. "To address these challenges we are continuing to develop rapidly deployable, process-based solutions that reduce time-to-compliance, improve audit quality, and provide public companies with the flexibility to deal with future regulations and the management of on- going financial process improvement."
"Most enterprises should take a step further than 'just complying' with Sarbanes-Oxley," said Debra Logan, analyst with Gartner Research. "If you must keep certain records for the purposes of Sarbanes-Oxley, don't stop there. Most enterprises have huge content management problems, uncontrolled explosions of e-mail, and lack of policy and procedure around many document-based processes. Take advantage of this forced opportunity to roll out document and records management software and procedures to gain business efficiency as well, rather than just using it to reduce the risk of noncompliance."
To design the processes within the Sarbanes-Oxley Accelerator and to validate auditing and internal control reporting requirements mandated in the Sarbanes-Oxley Act, HandySoft consulted leading auditors including Ernst & Young. The Sarbanes-Oxley Accelerator will help customers establish the requisite internal controls and reporting procedures, while providing a platform for collaborating with auditors and board members and for building best practices around the collection and reporting of financial data.
The Sarbanes-Oxley Accelerator combines business process management from HandySoft’s award winning BizFlow platform with collaboration, search, and a personalized portal experience from Plumtree’s Enterprise Web Suite. The solution gives each member of the extended accounting team a personalized view of the compliance process based on his or her responsibilities:
- Account teams can collect and document financial evidence, submit account information into a defined workflow through electronic forms, collaborate on documentation, and receive assigned tasks;
- Internal and external auditors can monitor compliance and drill down into supporting evidence, and can review reports, policies and procedures to identify any gaps with regulation;
- Controllers can manage the planning, testing, and reviewing of internal controls, identify and resolve issues in process or documentation, review and approve documentation, and assign tasks; and
- Executives, boards of directors and audit committees can access the breadth of information needed to attest to the effectiveness of internal financial controls, review the audit status reports or a timeline of tasks in real time and drill-down into supporting details.
“The Sarbanes-Oxley Accelerator is a major milestone in our No Empty Portals' campaign to build partnerships and bring to market applications that deliver value for every line of business,” said Plumtree CFO Eric Borrmann. “As businesses face new challenges such as Sarbanes-Oxley compliance, Plumtree customers can assemble solutions quickly based on a set of shared services for portal, collaboration, content management and search.”
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