HotStatus Enterprises Announces Tools for SOX Compliance - InformationWeek

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Government // Enterprise Architecture

HotStatus Enterprises Announces Tools for SOX Compliance

Company points out that many organizations are still not compliant with regard to their supply chain.

Supply chain management provider HotStatus Enterprises has released a set of products and tools that companies can use to gain compliance with the Sarbanes-Oxley Act. The new offering is geared toward logistics service providers and medium to large enterprises.

HotStatus points out that, although the supply chain is not specifically mentioned in the Sarbanes-Oxley Act of 2002, section 404 is widely known to affect the movement of goods with regard to reporting their movement and auditing their worth. Management must attest to internal controls and certify them with an auditor. This means that the movement of product from suppliers to distribution centers, DCs to stores, stores to stores, and so forth must be monitored, tracked and reported in a manner that has a viable audit trail that can be certified by a public accounting firm.

"Although most of the deadlines for SOX compliance have passed, many companies are still not compliant with regard to their supply chain," said Tom Fracisco, President of HotStatus Enterprises. "Companies can no longer afford to have gaps in their records regarding the movement of goods. HotStatus recognizes this is a widely misunderstood area of compliance and is committed to help our clients quickly gain compliance with the Act."

Some of the critical capabilities for SOX compliance offered by HotStatus include: The ability to direct inventory movement among locations; the creation of inventory movement tasks and validation of moves against the destination location; providing an inventory adjustment function; recording inventory adjustments for audit trail requirements; and managing changes to warehouse inventory. The security features incorporated into the HotStatus product suite ensure that usage and audit trails for all activities are maintained.

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