A recent interview with Matt Hale, CFO for S1, reveals how one public company is meeting demands for better corporate governance.
RevRec.com:
How has the need to comply with the mandates in Sarbanes-Oxley (SOx) affected S1’s best practices, changed internal controls, and otherwise impacted the way in which you manage the financial (and particularly revenue recognition and reporting) functions of your company?
Matt Hale:
Well, the impact is obviously extensive and significant, something I think most public companies are feeling quite strongly. After the Act was first passed, our initial focus was on understanding the individual elements as closely as possible, working with our audit firm and also external SEC counsel to gain the knowledge we needed. As soon as we could, we then implemented an internal initiative to make sure that everyone who needs to, is clear about what Sarbanes-Oxley means to the way we conduct business. We’ve accomplished a lot so far, but we will continue to have items in process for some time, as we interpret the guidance further and in greater detail.
See full Interview.
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