BWise Supports COSO Guidelines for Smaller Public Companies
New York, NY, August 21, 2006 – BWise, a leading provider of compliance and enterprise risk management software, today announced support for the new guidelines from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) entitled Internal Control over Financial Reporting - Guidance for Small Public Companies. This framework helps smaller publicly traded companies to implement Sarbanes-Oxley compliance more quickly and efficiently. The new framework is complementary with BWise’s “EZ Control”, a templated version of its ”In Control” solution.
The new COSO guidelines help smaller businesses, including the 5,000 SEC registrants with annual sales of less than $200 million. With the guidelines, these businesses can better understand how to become more knowledgeable about internal controls, ultimately leading to more effective control systems and greater proficiency in reporting on internal controls for regulatory compliance purposes. BWise EZ Control, announced earlier this year, enables these same companies, as well as larger businesses, to more easily achieve compliance, while streamlining related business process management, with less incremental costs and faster results. EZ Control was designed in conjunction with BWise by process, risk and compliance expert Malcolm Schwartz, one of the four principal contributors to the original COSO Report, Internal Control--Integrated Framework.
“Companies spend a significant amount of resources to ensure compliance with the Sarbanes-Oxley Act, particularly section 404,” stated Robert Pijselman, CEO of BWise. “BWise is pleased to see the newest COSO guidelines which help businesses, particularly smaller publicly traded companies, not only more effectively meet SOX requirements, but achieve greater business process efficiencies. This approach is fully in line with BWise’s EZ Control solution, which aims to give all businesses, large and small, a more simplified and results-driven process for compliance.”
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Originally formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance. COSO comprises The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA). For more information, visit www.coso.org
BWise is a global leader in compliance and enterprise risk management software, with a strong heritage in business process management. Established in 1994, BWise delivers proven solutions to help organizations become “in control” by increasing corporate accountability; strengthening financial, strategic and operational efficiencies; and maximizing performance and ROI. With more than 1,200 customers in more then 80 countries worldwide and 150,000 users in virtually all markets, BWise has developed a strong and sustainable presence in the compliance and risk management sectors. Utilizing templates and a best-practice implementation approach, BWise enables management to measure and manage risks and to comply with rules and legislation such as Sarbanes-Oxley, European Corporate Governance Codes, IFRS, Basel II, ISO-standards and more. BWise has offices in the Netherlands, United States and India. For more information, visit http://www.bwise.com.