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WHY RECONCILE

SOX (Sarbanes-Oxley)

The Act has been in place for over 15 years. Other countries also applied similar Act's, these are listed below.

A centralised framework that captures comments and supporting documents simplifies the month end close.

A framework reduces the risk of material misstatement of the financial accounts.

SOX s302

When submitting financial reports it's the CEO and CFO that are directly responsible for the accuracy of the reports and internal controls surrounding the process.

So by taking control through an application such as RecWise it will provide confidence that measures and controls are in fact in place.

Uncover and resolve issues that may go hidden for months or even years.

SOX s404

Using RecWise as an internal control to substantiate the financial statements helps with the effectiveness of internal controls such as PROCESSES, POLICY & PROCEDURES as elements of good corporate governance.

Apply a Purpose to each individual Rec and/or also add Hints and Tips to assist in continuity when staff are on leave or depart the business.

Why RecWise

Simplify

Standardize Templates

Centralize Process

Review & Certify

Gain Transparency

Responsibility

Critical Ageing of Items

Compliance Overview

Audit Overview

Countries that have introduced laws :-

                       

                       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

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