Sarbanes-Oxley Compliance

Let us help you make your expense reporting compliant with the rules and regulations in your industry! ExpenseWire can be a critical asset to an organization in their effort to achieve or maintain Sarbanes-Oxley Section 404 compliance. When Sarbanes-Oxley was passed in 2002, not only did heads of companies become personally liable for the financial statements of their company almost overnight, financial reporting became exorbitantly more complicated and costly.

Under the final rules, management's annual internal control report will have to contain:

• a statement of management's responsibility for establishing and maintaining adequate internal control over financial reporting for the company;
   
• a statement identifying the framework used by management to evaluate the effectiveness of this internal control;
   
• management's assessment of the effectiveness of this internal control as of the end of the company's most recent fiscal year; and
   
• a statement that its auditor has issued an attestation report on management's assessment.

Under the new rules, management must disclose any material weakness and will be unable to conclude that the company's internal control over financial reporting is effective if there are one or more material weaknesses in such control. Furthermore, the framework on which management's evaluation is based will have to be a suitable, recognized control framework that is established by a body or group that has followed due-process procedures, including the broad distribution of the framework for public comment.

Conforming to these tighter rules is exactly the spot in your financial control process where ExpenseWire can save you money - and ultimately your sanity. ExpenseWire enables you to implement the controls necessary for one of your largest categories of organizational spending -- T & E.