An increasing number of companies are viewing Sarbanes-Oxley (SOX) compliance not as just a regulatory mandate but as an opportunity for continuous business process improvement. This has a lot to do with SOX compliance itself being a perpetual process and not a one-time event. The fact is, the best practices and technologies that can help ensure sustainable SOX compliance are also ones that have been proven to drive more predictable revenue, minimize days sales outstanding (DSO), reduce operational and administrative costs and even improve a company's competitiveness - quarter after quarter, year after year.
A quick summary of the key sections of the Sarbanes-Oxley Act reveals how powerful a catalyst SOX can be for ongoing financial improvement. Section 302 calls for certification of financial results. Section 404 mandates the ability to report on and certify the effectiveness of internal control structures and processes. And Section 409 dictates the disclosure of material information "on a rapid and current basis." Together they define the need for:
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