Continuous monitoring, auditing needed for Sarbanes-Oxley.Despite an extension in the deadline from June 15 to Nov. 15, 2004, half of large U.S. companies polled are still less than 60 percent complete in meeting their Sarbanes-Oxley Section 404 filing requirements. This is a key finding of a survey conducted by ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. Services Ltd. and the Center for Continuous Auditing (CCA (1) (Common Cryptographic Architecture) Cryptography software from IBM for MVS and DOS applications. (2) (Compatible Communications A ). The poll of 248 senior audit professionals at corporations with more than $1 billion in revenues reports considerable challenges meeting the filing requirements. And, despite recognizing the need for continuous auditing and monitoring, many seem to be taking a short-term approach to compliance. The survey found that 67 percent of respondents have no annual budget allocated to maintain Section 404 compliance after the initial filing requirement, and one quarter are only mildly confident or not confident at all in their company's ability to maintain Section 404 compliance after the first filing deadline. "The results of this survey reflect the concerns we have been hearing from the audit community," says Harald Will, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACL Services, a provider of business assurance analytics technology for audit and controls professionals. Will went on to say that it's clear, from the survey, that many companies are maintaining a short-term mindset mind·set or mind-set n. 1. A fixed mental attitude or disposition that predetermines a person's responses to and interpretations of situations. 2. An inclination or a habit. for addressing ongoing requirements, despite the recognition of the benefits of ongoing and continuous monitoring of internal controls. "Meeting these regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. is the new reality, but the running of a better business over the long-term should be the objective," he said in a company press release. "This survey indicates that many companies still must recalibrate their thinking." CCA, an alliance of universities, was created to address issues facing management, stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , regulators and auditors in both the public and private sectors. CCA's Director, J. Don Warren Don Warren (born May 5, 1956 in Bellingham, Washington) is a former American football tight end, who spent his entire 14 year career playing for the Washington Redskins of the NFL. He played college football at San Diego State. Jr., said, "In the absence of a continuous monitoring process, organizations may be further exposed to fraud, error and abuse, representing a significant cost as well as profit erosion through revenue leakage." |
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