SOXA Tool Has 'Dramatically Enhanced User Interface'
02/28/2005
HandySoft Global Corporation announced the release of version 3.0 of its Sarbanes-Oxley Accelerator (SOXA). Working to meet the compliance needs of its growing list of Global 500 customers, HandySoft, a provider of business process management (BPM) solutions, said it has dramatically enhanced the user-interface and increased the flexibility of its best-in-class assessment software tool for internal controls. Most importantly, SOXA Accelerator 3.0 seeks to help companies lower costs and standardize their approach to sustained SOX compliance for financial controls as well as for broader assessment of controls over operations and IT.
"More than 700 companies have invested in [Sarbanes-Oxley] solutions to
meet compliance for the initial Section 404 cycle [in 2004]. We will see an
even stronger second wave of software adoption in 2005 by companies that
elected to comply initially with in-house and auditor tools," noted Paul
Hamerman, Vice President, Enterprise Applications at Forrester Research.
"Their objective in automating internal controls compliance will be to make
the process repeatable and sustainable in future years. In addition, the more
sophisticated solutions are designed to involve a wider variety of users
beyond internal auditors, adding transparency and collaboration."
"Most of the high risk associated with Sarbanes-Oxley relates to the
challenges stemming from the management of the human touch points of the
compliance process," said Stuart Claggett, chief operating officer of
HandySoft Global Corporation. "By offering companies the best-in-class ease-
of-use Assessment Software Tool on the market today, our customers are quickly
deploying a solution to mitigate compliance risks in a cost-effective and
sustainable manner. Moreover, by offering our customers a tool developed on
an enterprise class BPM platform, in the longer term, our SOXA Accelerator
clients can benefit from active control remediation ensuring consistent
performance of controls while lowering ongoing costs and improving business
process efficiencies."
Handysoft said the SOXA Accelerator 3.0 lays the foundation for managing compliance over internal controls. The company said that through active control enforcement, the SOXA Accelerator 3.0 delivers long-term ROI. Compliance is embedded inside business processes to ensure controls are
performed consistently, lowering the ongoing costs of both testing and
remediation activities, Handysoft said.
Handysoft enumerated the expanded capabilities of SOXA Accelerator 3.0:
- "Smart Help": Knows who the user is and what their role is in the company's
compliance efforts providing direction on what the next step is and how to
take it.
- Color-coded information and status bars: For easy visual prioritization and to help track compliance projects and activities.
- Mouse-over-tool tips: Provides added user support for those not familiar with product features.
- Flexible administration through on/off toggle switches: Allows comprehensive
configurable customization of compliance workflow, enabling various fields and
functional options to be toggled on and off with the click of the mouse,
eliminating reprogramming from the customization process.
- Latest PCAOB regulatory updates: Ensuring that HandySoft customers can
structure their compliance efforts using any of the accepted methodologies
(COSO, COBIT, Auditor Specific).
- Linked controls to Financial Statement line items and Account Balance
histories: Easier, immediate access to key information within hundreds of
financial accounts enables companies to prioritize establishment of key
financial controls and determine significance of any deficiencies identified.