The cost of SOX compliance has been a significant issue for public companies of all sizes. New regulatory requirements and changes in accounting standards and technology are projected to increase the complexity, and thus the cost of compliance.
AFRM® helps companies to control the costs of their audits by automating previously manual controls, improving documentation, and making the entire reporting process smoother and more transparent.
Here is what some of our customers have to say:
AFRM® helps reduce audit costs by:
- Making supporting documents and procedures available to internal auditors no matter where they are located throughout the world. Reduces or eliminates the need to fly auditors to remote locations to manually inspect binders.
- Electronically capturing reviews, approvals, and exceptions. Instead of manually signing a piece of paper in a binder, AFRM® captures the review electronically, in real time. Auditors can easily check that every task has had the appropriate level of review.
- Allowing companies to create a list of all SOX controls and tasks, even those that are not part of the close, to ensure that they are done.
- Recording all changes to close procedures. One of the only constants in the close is change, yet most companies would be hard pressed to explain how their close has changed over time. With AFRM®, every change in the close is recorded, with an explanation, and goes through a review process to ensure integrity.