|The ConTrak SOX Compliance Solution and why a company needs it
Object Module, Inc has developed a robust, fully functional SOX Compliance and Document Management application to assist companies in taking control of the requirements for SOX compliance and completing the requirements with a minimum amount of hassle at a reasonable cost.
In the wake of the SOX Compliance requirements, many companies have scrambled around searching for a way to store, maintain, and control their list of risks, controls, objectives and assertions.
Some companies have developed extensive spreadsheets to meet the requirements. Others have developed their own in-house custom applications for this purpose. All in all, each company uses a different way to store and maintain their requirements for SOX compliance and consistency, security and ease-of-use have been thrown out the window.
The ConTrak SOX Compliance application will alleviate the headaches of managing and maintaining multiple spreadsheets for tracking all of the necessary compliance information. It will also alleviate any fears associated with developing an in-house solution that might not capture all of the necessary information or appropriately present that information for auditors to review.
One of the largest impacts to companies from complying with SOX requirements has been in the form of dollars. When it is time for a SOX audit, companies must ramp up their internal temporary staffing as well as hire an external audit firm to assist in the onerous task of meeting all the requirements. The costs for the additional staff and the external consulting firm can add up rapidly and many of your smaller public companies can barely afford this.
Taking advantage of the ConTrak SOX Compliance application will not only help you organize and streamline the process of gathering all the necessary information, it will save you money. Once you go through the relatively simple set-up procedures and validate that you are capturing all of the necessary information, the audit becomes a fairly seamless and automated process.