Why Reconcile
Why Reconcile with RecWise?
✓ Simplify
✓ Standardise Templates
✓ Centralise Process
✓ Review and Certify
✓ Gain Transparency
✓ Responsibility
✓ Critical Ageing of Items
✓ Compliance Overview
✓ Audit Overview
SOX (Sarbanes-Oxley) Act (2002)
The Sarbanes-Oxley Act of 2002 is in place to protect investors from fraudulent accounting activities by corporations. The law mandates strict reforms to improve financial disclosures from corporations and prevent accounting fraud.
We provide a framework that reduces the risk of material misstatement of financial accounts.
SOX Section 404
This involves a financial risk assessment performed to comply with Section 404 of the Sarbanes-Oxley Act of 2002.
Using RecWise as an internal control to substantiate financial statements helps with the effectiveness of internal controls such as ‘processes, policy and procedures’ as elements of good corporate governance.
SOX Section 302
Section 302 of the Sarbanes-Oxley Act states that the CEO and CFO are directly responsible for the accuracy, documentation and submission of all financial reports as well as the internal controls surrounding the process.
By taking control of your processes using RecWise software, it will provide confidence that these measures are in place. You can uncover and resolve issues that may go hidden for months, or even years.
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
