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Sarbanes-Oxley is an IT Responsibility and Business Opportunity

Sarbanes-Oxley is an IT Responsibility and Business Opportunity

by Rick Turoczy on December 1, 2004

Several months ago, you thought that Sarbanes-Oxley was something that CEOs and CFOs had to worry about to keep themselves from cooking the books and going to jail. Think again.

Today, you flunked your first audit associated with Sarbanes-Oxley. To add insult to injury, you now have a few months to rectify your deficiencies. With limited resources, you can’t afford to spend additional cycles on compliance at the expense of day-to-day operations.

You’re not alone. Many IT professionals are learning the hard way that Sarbanes-Oxley has as much to do with IT as it does with determining the quarterly profit margin. How did this newly minted legislation work its way from the confines of the boardroom into the trenches of the data center? Over the past year as companies scrambled to meet compliance deadlines, Sarbanes-Oxley has been an evolving and interpretive piece of legislation.

As companies prepare for compliance, procedures and policies associated with corporate reporting have been diligently defined and documented. As part of this process, an internal audit is conducted – either by an inside or outside entity – in order to assess compliance readiness and withstand future scrutiny from the federal government. At the start of the audit, core business processes that are fundamental to the financials of the company processes are identified. For example, business processes can include general ledger, accounts receivable and quote to cash reporting, among others. After all of the processes are identified, the audit team then delves deeper into the integrity of each of these processes.

Sarbanes-Oxley is an IT Responsibility and Business Opportunity

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