The Sarbanes-Oxley Act

The Sarbanes-Oxley Act of 2002 (SOA) requires organizations to improve accountability using documented financial policies and procedures, and faster financial reporting. Its primary purpose is to restore investor confidence by strengthening corporate governance.

SOA presents several immediate challenges:

  • Greater administrative and IT costs
  • Lost employee time documenting compliance
  • Increased need for multiparty collaboration
  • Shortened reporting cycles, which means corners may be cut and risks may be immediately increased
  • Multiple enterprise systems, which make it difficult to acquire a single view of business activities and data

Organizations can reduce the costs of SOA compliance by replacing inconsistent processes with a single solution that uses Intelligent Documents to automate policy documentation and procedures and to produce timely, accurate financial reports.