COMPLIANCE & AUDIT
Compliance is a NECESSITY in today’s modern world. The NEED TO COMPLY was brought into the spotlight after large corporate collapses in the early 2000’s. Since then countries around the world have INTRODUCED their own ACTS's to drive improvements in the corporate environment.
Whilst there is always costs involved to implement solutions to protect against these events reoccurring there is a benefit to do so. A solution such as RecWise provides an ENVIRONMENT where you can standardise and document the process for the Month End Financial Close. This then facilitates the auditing of the financial accounts by internal compliance and external audit.
Countries that have introduced laws similar to SARBANES-OXLEY are :-
U.S.A – SOX Act of 2002
Australia – Corporate Law Economic Reform Program Act 2004 (CLERP)
Canada – C-SOX
France - Loi sur la Sécurité Financière (“Financial Security Law of France") – 2003
Germany – German Corporate Governance Code
Holland - Code Tabaksblat - 2003 Dutch governance code
Japan – J-SOX 2006
South Africa - King Report on Corporate Governance- 2002
How can RecWise help?
RecWise is a FRAMEWORK and can help you standarise the month end process. Standard templates, consolidate accounts and ensure segregation of duties all assist in a successful month end and inevitably a successful audit.