{"id":711,"date":"2008-11-13T07:00:39","date_gmt":"2008-11-13T15:00:39","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=711"},"modified":"2008-11-13T07:00:39","modified_gmt":"2008-11-13T15:00:39","slug":"compliance-tips-to-smaller-companies-in-attacking-sox","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/compliance-tips-to-smaller-companies-in-attacking-sox\/","title":{"rendered":"Compliance: Tips to Smaller Companies in Attacking SOX"},"content":{"rendered":"

By now, most large companies have some sort of program in place to address the requirements of Sarbanes-Oxley regulations. In fact, on average, large companies are spending about $10 million to do so. Smaller companies have been given numerous breaks on setting a time schedule for coming up with their own programs, but now they’re under the gun to do something similar. A piece by Adam Nelson<\/a> for ComputerWorld suggests five ways that smaller companies can learn from what larger companies have already struggeled through.<\/p>\n

Lesson 1 — Form a Compliance Office<\/strong>
\nBring in experts in compliance to help establish company processes. Internal staff from business and IT seem ready candidates to tackle the job, but the whole process can be set up much easier by experts who are familiar with what needs to be done.<\/p>\n

Lesson 2 — Adopt business software which specifically addresses compliance<\/strong>
\nImplementing a Financial Compliance Process Management (FCPM) system can help companies meet the needs if an audit were to occur. It provides a compliance framework that makes accounting transparent and makes it easy for auditors as well as your internal staff to review documentation and compliance.<\/p>\n

Lesson 3 — Hire hands-on consultants<\/strong>
\nUse a risk and consulting firm to prepare documentation and actively participate in review sessions. Unlike public accounting firms, these consultants will be more hands-on and help you supplement your staff with experience.<\/p>\n

Lesson 4 — Focus on Control Point rather than the process<\/strong>
\nA framework that concentrates on control points and not the details of the entire process is more concise and easier to track.<\/p>\n

Lesson 5 — Education<\/strong>
\nSpread the word to employees frequently so that everyone understand the processes and controls. Trained process coaches can disperse throughout the company to get the word out.<\/p>\n

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By now, most large companies have some sort of program in place to address the requirements of Sarbanes-Oxley regulations. In fact, on average, large companies are spending about $10 million to do so. Smaller companies have been given numerous breaks…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,30],"tags":[],"class_list":["post-711","post","type-post","status-publish","format-standard","hentry","category-compliance","category-sarbanes-oxley"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=711"}],"version-history":[{"count":0,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/711\/revisions"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}