WebNetTrak is the first company to provide a solution that addresses the recent Sarbanes-Oxley Act of 2002 that makes compliance mandatory. Company IT departments must help CFO’s comply with Sarbanes-
September 16, 2003 (Press Release) --
Pleasanton, Calif. — September 15, 2003 — WebNetTrak, Corporation, a provider of next-generation of telecommunications and network infrastructure design and tracking solutions, today announced they have developed the WebNetTrak Solution. It can be used to link Sarbanes-Oxley documentation activities with corporate IT management procedures and policies.
Companies need systems overhauls to meet Sarbanes-Oxley's 'material events' requirement.
Most companies that have taken steps to comply with the Sarbanes-Oxley Act have focused their energies on Section 404, a provision that requires businesses to document their financial-reporting controls and procedures.
But most IT managers have yet to tackle a potentially more onerous requirement: Section 409, which calls for companies to deliver timely reports to investors and other stakeholders on any "material events" that could affect the companies' finances or business operations.
That mandate, which the U.S. Securities and Exchange Commission is expected to start enforcing by 2005, could leave businesses with no choice but to make sweeping changes to their IT infrastructures in order to provide automated reporting capabilities that function at close-to-real-time speeds, CIO’s and analysts said last week.
"There's a huge data and information infrastructure issue there that has to be tuned to respond to events—and most companies don't have these capabilities in place," said John Hagerty, an analyst at AMR Research Inc. in Boston. From an IT perspective, Section 409 "will cause the most heartburn" of all the Sarbanes-Oxley mandates, he said.
An example of a material event that may fall under the requirements of Section 409 is the loss of a major sales contract to a competitor, Handler said. Potential sales are often taken into account when companies make public revenue forecasts, he noted.
Cost overruns on IT projects and other major capital expenditures could also qualify as material events that need to be reported to interested parties within 48 hours.
"We are excited that we have developed a solution that addresses this potentially huge issue. " said Bruce Graves, CEO & President of WebNetTrak Corporation " Companies need to get their house in order and get their heads out of the sand, especially in their IT departments!”
Many companies will procrastinate about taking steps to meet the Section 409 requirements. An analogy between Sarbanes-Oxley and how businesses reacted to the Y2k problem… they knew about it, then hemmed and hawed, and then reacted to it again with two years to go and scrambled.
WebNetTrak Corporation is a privately held company.
Phone +1 (925) 600-8725 http://www.WebNetTrak.com/ email: info@WebNetTrak.com
For more details:
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Companies need systems overhauls to meet Sarbanes-Oxley's 'material events' requirement.
Most companies that have taken steps to comply with the Sarbanes-Oxley Act have focused their energies on Section 404, a provision that requires businesses to document their financial-reporting controls and procedures.
But most IT managers have yet to tackle a potentially more onerous requirement: Section 409, which calls for companies to deliver timely reports to investors and other stakeholders on any "material events" that could affect the companies' finances or business operations.
That mandate, which the U.S. Securities and Exchange Commission is expected to start enforcing by 2005, could leave businesses with no choice but to make sweeping changes to their IT infrastructures in order to provide automated reporting capabilities that function at close-to-real-time speeds, CIO’s and analysts said last week.
"There's a huge data and information infrastructure issue there that has to be tuned to respond to events—and most companies don't have these capabilities in place," said John Hagerty, an analyst at AMR Research Inc. in Boston. From an IT perspective, Section 409 "will cause the most heartburn" of all the Sarbanes-Oxley mandates, he said.
An example of a material event that may fall under the requirements of Section 409 is the loss of a major sales contract to a competitor, Handler said. Potential sales are often taken into account when companies make public revenue forecasts, he noted.
Cost overruns on IT projects and other major capital expenditures could also qualify as material events that need to be reported to interested parties within 48 hours.
"We are excited that we have developed a solution that addresses this potentially huge issue. " said Bruce Graves, CEO & President of WebNetTrak Corporation " Companies need to get their house in order and get their heads out of the sand, especially in their IT departments!”
Many companies will procrastinate about taking steps to meet the Section 409 requirements. An analogy between Sarbanes-Oxley and how businesses reacted to the Y2k problem… they knew about it, then hemmed and hawed, and then reacted to it again with two years to go and scrambled.
WebNetTrak Corporation is a privately held company.
Phone +1 (925) 600-8725 http://www.WebNetTrak.com/ email: info@WebNetTrak.com
For more details:
Printed from: http://www.free-press-release.com/news/200309/1063752021.html
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Click here to submit your press release free!
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