A new SEC rule apparently just went into effect that will make life harder than ever for those charged with compliance. Basically the new rule makes manual SarbOx data collation harder to achieve because reporting time just got cut from five days to four.
According to CFO.com the SEC has introduced new disclosure requirements to meet the “Real-Time Issuer Disclosure” provision of Sarbox Section 409.
There is nothing to say that these timescales won’t be cut even further, and manual Excel and Access frenzies are just not going to cut it in a real time reporting environment. That is why organizations should be assessing how to further automate reporting processes, driving architecture to support a range of regulatory environments. In this case that may mean common workflow and information integration services. RedMonk calls such this approach compliance oriented architecture.
Donavan McDonough says:
April 11, 2005 at 1:32 am
After searching all over the net this is the first time that I see there is somebody who actually understands that Access and the Excel Spreadsheets are a major problem in trying to gain Sarbanes Oxley compliance.
Your comment, “. . . manual Excel and Access frenzies are just not going to cut it in a real time reporting environment” has really got me thinking.
Donavan McDonough – Spreadsheet Risks Researcher