Discussion

There are many commercial solutions to the problems of SOX compliance. They range from the extremely expensive to affordable (for small- to medium-sized companies) and some go beyond compliance to provide a comprehensive and very useful business model. Listed below are a few of the available solutions with a brief description and a link to their websites. Following the list is an overview of a typical solution to show how it works. (Appendix F)

It is unlikely that any of the SOX Solutions will actually provide a complete solution, one that addresses all the complex processes necessary for compliance. Most of these solutions are extensions or enhancements of existing software applications that have been modified or dressed up to address the SOX requirements that apply to their particular area of specialization. Which ones to acquire, is a big question and one that requires a careful look at the applications already in place in a company, what gaps there are, and which solution will best integrate your existing systems with your total SOX compliance needs. This will constitute a significant and very important project involving the Finance and Accounting Department, the IT Department, and the Internal Auditor(s).

The chart at the end of Chapter 2 shows an overview of the Internal Controls System requirements, and that, combined with the elements described in the COSO Framework, should provide a basis from which to start.

Following are a few companies providing various software solutions for SOX compliance. The descriptions are taken directly...