The Sarbanes-Oxley Act was passed by the U.S. Congress
in 2002, in response to several prominent corporate financial
scandals. This act requires company management to
establish and maintain “an adequate internal control
structure and procedures for financial reporting” and to
have “an assessment, as of the end of the most recent fiscal
year of the issuer, of the effectiveness of the internal
control structure and procedures of the issuer for financial
reporting.” In order to comply, companies have to formally
implement and audit all internal processes and controls used
to generate financial reports. Sarbanes-Oxley compliance
has been a major endeavor for U.S. public companies since 2004.
During the initial compliance cycles, there was no application
specifically designed to automate the Sarbanes-Oxley compliance
tasks. As a result, most companies relied on desktop productivity
tools, document management systems, and general-purpose
collaboration tools to meet the requirements. Unfortunately,
this is a labor-intensive and expensive approach that requires
substantial recurring expenses.
The Next Generation
Finally, a new application specifically designed to automate
the Sarbanes-Oxley compliance tasks is available.
Biztrol Internal Control Management System is a software application that has been specially
created by a team of financial and computer professionals,
including some of the best domain experts, to automate the
labor-intensive tasks of Sarbanes-Oxley compliance. This
intelligent application is organized to help you collect
all of the internal control data that you need to document for Sarbanes-Oxley compliance,
it guides you through these tasks using the workflow process,
and then it correlates the relationship between the data
collected and the information that you need to submit.
Biztrol Internal Control Management System
generates your internal control documentation in Microsoft
Office file format to meet the Sarbanes-Oxley audit requirements.
By using Biztrol Internal Control Management System, you can reduce manual effort, reduce manual
errors, and reduce project risks while you optimize the
design and operation of your internal controls.