Microsoft creates compliance tool to ease Sarbanes-Oxley worries
Microsoft creates compliance tool to ease Sarbanes-Oxley worries
Microsoft Corp. has released a new software tool to help companies comply with the new U.S. federal financial reporting regulations which have put businesses under much tighter internal scrutiny after the multi-billion-dollar scandals at Enron and Worldcom.
The Office Solution Accelerator will provide technology automation, at no charge for existing Microsoft Office System customers, that will enable companies to meet the new government requirements demanded by the Sarbanes-Oxley Act, sections 404 and 302, by making the most out of their existing software.
It is built on Microsoft Windows SharePoint Services and Microsoft Office InfoPath 2003 and combines software, components, templates and architectural guidance to help companies with partners to create compliance solutions.
Rob Bernard, director of program management in the Information Worker New Markets Group at Microsoft said. "The Office Solution Accelerator for Sarbanes-Oxley was developed to address a key pain point for many Microsoft customers, and to do so in an extremely cost-effective way. Current regulations under the new Sarbanes-Oxley law mandate that all publicly traded companies file certain reports and statements before December 13, 2004.
"By using and extending a lot of functionality that already exists in Office and Windows SharePoint Services, we created an accelerator that very effectively addresses many of a public company's Sarbanes-Oxley needs, including managing controls and libraries of documentation, status, roll-up reporting and more. We've received positive feedback from customers and partners that the accelerator helps solve the most pressing needs."
Microsoft expects the Office Solution Accelerator to enable executives to check and manage processes and documents over the entire process lifecycle. It provides four main advantages in Sarbanes-Oxley compliance initiatives.
* Firstly, it streamlines document and information management work, provides built-in audit trail features and allows executive to easily store, access and manage compliance data.* New users and tasks can be added to the work flow instantly.* Users are alerted when documents are changed, and executives can monitor document status, audit data and processes through controlled access.* Process issues can be corrected easily before they become real problems. The accelerator provides a printed summary, with detailed reports on compliance results and company readiness.
Microsoft also added that the overall advantage of the accelerator is that it allows partners to customise solutions to make them easier for individuals, divisions or entire corporations to access and manage vital compliance information.
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