The Sarbanes-Oxley Act (SOX), also known as the Public Company Accounting Reform and Investor Protection Act of 2002, is a U.S. federal law enacted on July 30, 2002 in response to a number of major corporate and accounting scandals, including most famously Enron and WorldCom. These scandals cost investors in these public companies billions of dollars when the share prices collapsed and shook public confidence in the nation's securities markets.
Difficulties complying with Sarbanes-Oxley
SOX established new and enhanced standards for all U.S. public companies, their boards, management, and public accounting firms. The core of SOX is its requirement that all financial processes are managed according to a stringent set of rules and regulations, backed by accurate reporting capabilities. This management and recording of controls, to work toward compliance can become a very time consuming and expensive project without a solution to streamline and automate these processes
BWise helps companies to comply with the myriad sets of rules that the law set down with a unique set of tools. BWise offers a complete and integrated internal control suite that assists top managers such as CEOs and CFOs in accurate reporting and risk management. Within BWise Internal Control, financial reporting is effortlessly and transparently assessed based on the above regulations.
BWise enables your company to define an internal control framework, to communicate and periodically test these controls, to identify Key Risk Areas and to regularly review the framework. The software solution supports both the definition of an internal control framework and control testing (Sarbanes-Oxley 404).