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Sarbanes Oxley software | SOX Software | Internal Audit Software | GRC software

Aug 23, 2010

Impact of Financial Reform Act on Sarbanes Oxley

Most small companies think that the financial reform act permanently exempts them from implementing Sarbanes Oxley. This is not a correct assumption. What the act does is to exempt small companies - those with under $75 million in capitalization from Section 404(b) of the Sarbanes Oxley act. The legislation does not affect section 404(a) of the Sarbanes Oxley Act. This section requires management to document and evaluate the effectiveness of internal controls over financial reporting.

The Financial Reform bill also affects many other areas which can have an impact on a company's internal control over financial reporting. For example one aspect of the law affects disclosure requirements on executive compensation.

Please visit our resournce page where we have posted more information on this important topic.


1. Your CFO says your SOX Compliance costs are too high.
2. You use more than one software solution to manage your GRC compliance program.
3.You already use Microsoft Excel for your Risk Control Matrix and/or Control Testing.

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4.Your Risk Control Matrix and Test Plans are separate documents that do not dynamically update each other for changes you make.
5.You spend more than 15 minutes each day or 1 hour per week generating management reports to monitor and summarize your controls testing.
6.Your current software is too hard to use or does not automatically produce the management reports you need.
7.You cannot easily explain to your external auditor how your controls have changed year over year.
8.Your software does not alert you to missing information or improper values.
9.Your software does not provide visual highlights for required and/or incomplete testing.
10.Your software does not provide you with an adequate top down control profile of your organization.

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