Axentis, a supplier of governance, risk management and compliance applications, today announced the delivery of its Sarbanes-Oxley solution, edition '04, with enhancements in the control environment, assessment and reporting.
The company has been delivering the SOX solution as a rolling release of incremental improvements throughout 2004. The current edition will allow SAS 70 installations to more easily build a consistent, sustainable and adaptable framework to meet the immediate and ongoing SOX requirements, according to Axentis.
"Edition '04 of our SOX solution provides executives with an expanded set of tools to meet the deadlines associated with sections 404, 302, 406, 409, and 806," said Ted Frank, CEO of Axentis. "Our SOX solution is further differentiated by the fact that it is aligned with the audit and sentencing guidelines that ultimately set the bar for compliance."
Edition '04 of Axentis' SOX solution is available immediately offering support for all relevant Sarbanes-Oxley sections within a SAS 70 certified facility.
Edition '04 offers the following capabilities:
Assessment functionality that allows companies to electronically survey employees in order to capture information on control procedures, documentation, and the results of testing. Assessment capabilities in SOX '04 include:
If the solution receives a flawed assessment score, follow-up requirements are immediately sent to the employee so that effective gaps can be remediated.
Should an authorized executive modify an assessment result, the system will still retain a record of the employee's original assessment.
Automatic routing of completed assessments to the designated reviewer, thereby accelerating the approval process.
Ability to upload attachments and other documentation within the assessment.
Control environment, a centralized repository for all controls used throughout the company. Typically, the control environment documents processes such as submitting purchase orders, doing bank reconciliations, and other operational activities within an organization. Control environment capabilities in SOX '04 include:
Ability to easily make adjustments to any control environment while maintaining a record of previous environments over defined periods of time.
Ability to define additional characteristics or 'attributes' associated with each control. For example, certain controls, if not executed properly, pose greater risks than others to a company's overall performance. This capability allows companies to incorporate such factors into each control.
Reporting is critical to monitoring SOX compliance, and SOX '04 employs new filters that allow executives to build their own customized reports and quickly assess business performance from their desktop. Reporting capabilities in SOX '04 include:
An expanded dashboard that can be tailored to view the performance of nearly any aspect of the business, ranging from geographic regions to individual employees.
Attribute-based and control environment reporting allows the ability to further refine reporting, e.g. the ability to view a list of high risk controls that hit a specific general ledger account.