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Guidance for Establishing and Scaling Internal Controls: How FloQast Can Help

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Even though the Sarbanes-Oxley Act (SOX) has been in place since 2002, today’s accounting professionals continue to struggle to deliver the necessary means to improve the financial disclosure processes, and enact and validate the fraud prevention safeguards that the legislation was designed to enforce. Postpublic scandals such as Enron and WorldCom, and the imperative not to repeat them, the need for enhanced internal controls for compliance today are more critical than ever. All publicly-traded companies in the United States and private companies that are preparing for an IPO are charged to more quickly and confidently become and remain SOX compliant, using every available tool to reach what can be characterized as a sometimes subjective, though critical, state.

New technologies have entered the world of finance and accounting, and are now essential to the compliance process in all of its dimensions, both fiscally and from an information technology (IT) perspective. But software technology alone cannot provide the promise of compliance; it can only deliver a simpler means to enforce the necessary activities and validate their completion. There is no magic wand or single solution to reach the compliance goal—per a compliance expert’s insightful observation: “No software alone will magically make you SOX compliant. It’s a combination of your team, your processes, and your software all working together.”

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