Sarbanes-Oxley Compliance Software

knockyourSOXoff.com

WhY A DATABASE SOLUTION?

What are the major benefits of documenting the SOX process using a relational database such as Microsoft Access over using Word, Excel and Visio?

 

Compliance with Section 404 is a continuing process, meaning internal controls will have to be updated and re-tested periodically.  Having system access to historical data will save both time and money and make the ongoing process more effective.  Defining tables and fields creates a consistent framework and using input forms allows data to be easily validated.  Indexing, sorting and search functions put a relational database on an entirely new level from word processing, spreadsheet and flow-charting software.  Any data that can be entered into Word, Excel or Visio can be entered into a relational database, only it would be fully integrated and immensely more accessible.  Access also has built-in database backup routines and various security features can be easily programmed into its applications.

 

Is Microsoft Access powerful enough to organize all of the data involved?

 

Access is a combination of a front-end development tool and a relational database engine.  The front-end development tools (queries, forms, reports, macros, etc.) can be used in combination with almost any database.  If the Access jet engine database does not provide sufficient functionality, data can easily be transported to a SQL database with the Access “upsizing” wizard.  However, the Access database engine is powerful enough for almost any SOX application.  Over a local area network dozens of users can access the database simultaneously.  While SQL would allow for thousands of simultaneous users, most SOX projects will not require that sophistication.  Also, Access has built in replication and synchronization features.  You could use the jet engine database in multiple locations and later synchronize all of the databases with the click of a button.  Very robust applications can be developed in relatively little time.

 

We already have performed our initial SOX project.  Can this information be transferred to a database such as Microsoft Access?

 

Access does have various built-in import and exporting features, but any transfer of data would be limited to the data types and structure of the existing information.  Data may have to be re-formatted and made compatible with the new data structure and design before being imported.  If there are numerous inter-relationships between the data being imported, the task will be more complex.  It may be more efficient in some cases to manually enter information into the database, or use cut and paste methods.  However, the alternative of using word-processing, spreadsheets and flow-charting again, would mean you want to make the same mistake twice.

 

If we decided to use a database application such as Access, how should we get started?

 

The cost of the Access software is fairly minimal for just a few licenses. For more than 10 licenses it would be worthwhile to purchase the “developer’s toolkit” which would allow you to create an application and use the included “run-time” module to distribute free licensed copies within your organization.  By far your largest cost would be the time to develop a suitable application.  Many organizations would have in-house personnel qualified to develop applications using Access, working together with finance, audit and other future users.  Another approach would be acquiring a ready-made Access application such as that sold through www.knockyourSOXoff.com.  That would have the advantage of giving you an application which would likely suit most if not all of your needs for a fraction of your development cost, and at the same time leave you with the alternative of making proprietary modifications if necessary.  You could actually create queries, forms and reports in additional databases linked to the same tables in the purchased SOX application.  This would allow you to purchase future upgrades to the SOX software and not affect your customized proprietary features.

 

How would an Access solution compare with other SOX compliance software being sold in the marketplace?

 

There are numerous SOX related software products available, many being “web-based” applications.  Large public companies have generally opted for the web-based solutions because of multiple locations and less concern about cost.  Although the software and implementation costs can run into the hundreds of thousands, major companies would see this as relatively inexpensive.  After all, the money doesn’t come out of the CFO’s pocket, but provides him with an additional defense against his personal liabilities – “I bought the most expensive software out there”.  Many of the available applications were derived from existing risk management and collaboration software.  Not many were designed specifically from the “ground-up” with only Sarbanes-Oxley and a “total solution” in mind.  In most cases the software will require you to take a specific and pre-defined approach to the process.  Just a quick Internet search for “Sarbanes Oxley Software” or “SOX software” will generate a multitude of leads.  A major factor in considering the right software is “flexibility”, because the SOX process is new and still somewhat undefined.  Locking yourself into a specific approach or path could end up being a costly mistake.  An Access solution likely provides the most flexible and cost-effective approach.  Its balance of rapid-development, robust database features, multi-user environment, wide-spread use and minimal cost make it the most flexible solution.  Combining that flexibility with a head-start solution such as that offered on www.knockyourSOXoff.com is both a conservative yet aggressive approach.