Benefits of Implementing SOX include:

• A more engaged control environment – with active participation by the board, the audit committee and management.
• More thoughtful analysis of monitoring controls, along with recognition that monitoring is an integral part of the control process.
• More structure year-end closing process and recording of journal entries Thus recognizing the extent to which theses areas have increased in complexity.
• Implementation of anti-fraud activities with defined processes in place, including responsibility for follow-up by defined parties and resolution approaches.
• Better understanding of the risks associated with general computer controls, and the need to improve both control and audit procedures to gain assurances that the risks associated with computer systems are mitigated.
• Improved documentation of controls and control processes that can serve as the basis for training practical day-to-day guidance and management evaluation.
• Improved definition of controls and the relationship of controls and risk across the organization.
• Control parameters becoming embedded into the organization with a broader understanding by operating personnel and management of their responsibility for controls.
• Improvements in the adequacy of the audit trail as a basis to support operations as well as to support audit assessment of control adequacy and financial reporting.

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SOX primarily targets financial documents and financial reporting but it is clear that the overflow effect will be to include an ever-increasing variety of data that may be used to support those materials.

SOX has an immediate impact within the data storage area, which provides penalties for destruction, alteration or falsification of records. It prohibits destruction of corporate audit records. The records covered are as broadly defined as any that may be required in a federal investigation or bankruptcy proceeding. While financial records are the principal interest, other records such as communications regarding transactions and documents relating to projects may also fall within the Act’s purview.

The effect upon data storage processes is that all documents must now be protected against willful deletion, alteration or destruction, with the burden of proof on the corporation to prove that alterations have not taken place. Documents that are relevant to an audit or review need to be retained for a period of seven years. Since the scope of a review cannot be determined in advance, this could potentially include communications, project documents, memos, plans, specifications, and pronouncements.

To accelerate SOX compliance as well as safeguard confidential information, companies need automated solutions and processes that provide full visibility into all activities and automated workflows for distributing reports and getting sign-offs from compliance oversight teams. In addition, they need a unified approach that provides auditing, as well as real-time security capabilities such as policies, alerting and blocking of unauthorized activities.

SoftExpert GRC Suite is easy-to-use, comprehensive compliance software for automating and managing business processes. It also controls documents, projects, changes, risks, and related activities in a secure environment. SoftExpert Excellence Suite provides an automated, searchable system for documenting internal controls and business processes to help ensure SOX compliance.

With SoftExpert GRC Suite, users can create, collaborate, log, execute and conclude business transactions in a structured, efficient environment. Through SoftExpert Excellence Suite, users across an organization can immediately access information regarding a process or project, including all outstanding issues, approvals, statuses, discussions, and communications.

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