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THE SOLUTION
Fulcrum Technologies-
Benefits of CATS™ for SOX Compliance:
- Documented control processes for all asset transactions that can be reviewed by independent and internal auditors' business analysis
- Perform audits quickly and accurately
- Pay taxes in the right amount and correct jurisdiction
- Easy reporting and validation on field compliance
- Documented history of all assets throughout their entire lifecycle
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Through the real-time capture of asset transactions at the source, CATS™ software, with its mobile capability, provides the structure and means for accurate reporting and improved control. In doing so, it serves as the foundation for SOX compliance in the area of asset management, and improves asset utilization and labor efficiency.
CATS™ software is Fulcrum's proven asset management solution designed specifically for the communications industry.
To get our solution, contact sales@fulcrum.net
Other links regarding this topic:
SOX
The Sarbanes-Oxley Act 2002-
Effective in 2004, all publicly traded companies are required to submit an annual report of the effectiveness of their internal accounting controls to the Securities and Exchange Commission. Thousands of companies have been faced with tracking their assets in order to ensure that their accounting operations are in compliance with Sarbanes-Oxley Act 2002 (SOX). SOX affects public U.S. companies and non-U.S. companies with a U.S. presence. SOX is all about corporate governance and financiall disclosure. Specialized software, like CATS™, is being installed in order to provide "electronic paper trails" necessary to ensure SOX compliance.
Section 404 is perhaps the most contested of the Sarbanes Oxley Act sections as companies scramble to meet compliance. Section 404 requires accountability for internal control and accurate financial reporting.
Accountability-
Section 404 requires the CEO and CFO to sign a report attesting to the accuracy of financial statements and assessing the effectiveness of their organization's internal controls.
This poses an enormous challenge for companies that must revamp methods and procedures into processes that are defensible to an independent auditor and aligned with Sarbanes-Oxley.
Because communications companies' network assets are distributed over wide geographic areas and account for such large portions of their total assets, they must find a way to implement a solution that provides accurate internal control and reporting.
Find out more about how to comply with SOX by contacting sales@fulcrum.net
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