Trey Resources, Inc. announced that its wholly owned subsidiary, SWK Technologies, a solutions provider specializing in business software, has secured three new assignments to conduct technology audits as mandated by the new Sarbanes-Oxley legislation. These audits represent a rapidly growing profit center for SWK.
Sarbanes-Oxley (SOX) was enacted largely in response to the large number of corporate and accounting scandals in the last few years involving some of the most prominent companies in the U.S., like Enron, WorldCom and Global Crossing. It establishes new standards for corporate accountability, as well as penalties for corporate wrong doing. According to finance executives who participated in a recent CFO magazine survey, 48 percent of public companies which need to comply with SOX will spend at least $500,000 on compliance.
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