If you are like most companies, it would be in your best interest to reduce costs, simplify operations and increase efficiency by converting to electronic documents storage. But there are some serious concerns that all companies which move to these systems will need to address.
A concern for any publicly traded company is the Sarbanes-Oxley Act, a federal law that requires any financial or accounting document to be available for auditors or federal authorities. Corporate executives and accountants that don’t comply with this law can go to federal prison.
Any company that files a report with the SEC must comply with Sarbanes Oxley. This means that records must be accessible and retrievable at any time — or the company can get into serious legal trouble.
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If you are buying, designing, or implementing a computer software system that will deal with financial information for a publicly traded company, it is essential that you are aware of, and strictly comply with, the Sarbanes -Oxley Act of 2002. Sarbanes-Oxley is a federal law that requires publicly traded companies to keep readily accessible copies of every financial or accounting document available.
How Sarbanes-Oxley Affects Computers Software Implementation
The Sarbanes-Oxley Act of 2002 covers computer software systems in which financial and accounting information are stored. A major provision of Sarbanes-Oxley is that companies may not dispose of, or alter, financial information. This means that a computer software system will now have to preserve financial documentation and information.
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