Ninety-five percent of companies had inaccurate information on the number and configuration of their IT assets, according to study of IT asset management (ITAM) programs conducted by TekMethods LLC, a provider of IT asset management (ITAM) consulting services and solutions. The research findings also showed that for many enterprises that do have inventories of technology assets, the data is out of date, resulting in inaccurate financial and tax statements.
In order for a company to be in full compliance with Sarbanes-Oxley, corporate executives need to be fully aware of all the technology assets owned by the enterprise and must certify financial reports. The potential risks of non-compliance include costly fines, jail sentences and damages to a company's financial health and reputation.
"TekMethods has found that since the Sarbanes-Oxley Act was passed, most companies--especially large, geographically distributed enterprises--have failed to recognized that software and hardware technology investments are a major part of their overall financial profile," says Lori Sechio, chief executive officer of TekMethods.
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