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Sarbanes-Oxley Simplified
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The Sarbanes-Oxley Act of 2002 (“SOX”) puts a new emphasis on timeliness and transparency in financial reporting, and the importance of internal controls in managing a public company. As of November 2004, SOX became a requirement for larger companies traded on a U.S. stock exchange; smaller public companies have until July 2007 to comply.
This whitepaper provides an overview of, and solutions to, the “quality and timeliness” required by SOX Sections 404 and 409, with a focus on one of the most common areas where weakness in internal controls is found within manufacturing companies: inventories stored in open environments where use is not monitored or managed. The range of assets stored in these environments—safety materials, spare parts, MRO consumables, tools, test equipment and other business support items— often represent 50% of balance sheet inventories at manufacturers, and as such are a significant area of operational and financial risk. However, with the right processes and technology, the path to SOX readiness for managers charged with this inventory can be smoother and easier on the budget.
Abrige Consulting Group - Organizational Body
NONE
Information Technology
English
2005
1-8
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