Section 404 of the Sarbanes-Oxley Act states that reliable processes must be in place to ensure data accuracy. The consequences for not meeting these requirements are significant. Beyond the possibility of fines that could escalate into the millions of dollars, few public companies can afford to breach the hard won trust of their shareholders.
Although publicly held companies are subject to the requirements of Section 404, many private firms are adopting provisions to ensure their practices are consistent with what is becoming the new standard for business conduct.
By automating your organization’s expense reporting process you can minimize risk by capturing the best practices of process automation while implementing the highest standard of internal controls.