A new White Paper from Wellogix Software’s CEO Ike Epley argues that Sarbanes-Oxley mandates traceable, digital procurement. Complex services procurement and operations represent the largest component of upstream spending and should be the focus of the compliance and transparency that the recent Sarbanes-Oxley legislation imposes. Failure to implement effective internal controls can compromise a company’s ability to produce reliable and fairly presented financial statements.
Work-around
Epley cites an example of a company implementing multiple manual and automated procurement processes. Here, lack of standardization led to manual work-arounds resulting in ad-hoc, unrecorded payments and non-identified financial information errors.
Soft sell
Epley believes that prevention is better than detection and advocates the use of ‘a preventative system based approach’ versus the old ‘pre-Sarbanes’ method of detecting non-compliance after the fact. The White Paper concludes with a soft sell for Wellogix’ system—described as a ‘tool to assist in compliance of Sarbanes-Oxley Act.’ More from www.wellogix.com.
© Oil IT Journal - all rights reserved.