SOX Compliance Software
Sox Compliance Software
The Sarbanes-Oxley Act (SOX) is created to save shareholders and the general public from accounting errors and deceitful practices in any organization. This act basically focuses on which records are to be stored and for how long. This act is applicable to all multinational corporations, US public companies conducting business in USA.
As per SOX act, the retention period of business records including electronic records should not be less than five years. IT department of any organization is liable to store and maintain these records that are vital to comply with SOX act. In cases of violation of this act the company may face legal issues, heavy penalties and even imprisonment.
Big challenge for IT Administrators
Keeping business records of past five years is not an easy thing but SOX compliance Software can simplify it to great extent. Using this software can make it possible to store business records for the required period and access them in the form of reports whenever required.
In order to comply with SOX compliance and stored required business records, SOX compliance software provides these facilities:
- Compliance report creation is one of the essential features of SOX compliance software. It enables creating detailed reports regarding installed licenses, software location and software validity.
- For quick overview of network-wide compliance with SOX regulations graphical report is also generated. This report shows entire network compliance, top four computers with maximum licensed software and top four computers for minimum licensed software.
- Facilitates saving these reports in CSV, RTF, HTML and PDF format to access them whenever needed for internal and external audits.
- Enables the organization to be prepared for license contract refusal by providing a complete view of enterprise wide software deployment.
Using Lepide Software Asset Management- the effective SOX compliance software, all reports and records that are needed to ensure SOX act compliance can be saved to a database for further reference. Thus, keeping the business records and software asset purchase, usage and inventory details for longer time period becomes easy and no risk of violating SOX compliance frightens the organization.