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SOX Compliance

Like every other corporate department since the advent of SOX, tax is required to make their operations and results more transparent to the investing public. Serious control deficiencies associated with the tax function is not a desired prospect. However, relying on Microsoft Excel and undocumented processes leaves many tax executives with questions. How do we really know if someone has changed a formula? How can we substantiate that we have followed a standardized, documented process to arrive at our quarterly results?

Click here for more information on the insufficiency of spreadsheets to address SOX compliance.

As the importance of the information being generated by a spreadsheet increases and the complexity increases, reliance on manual controls and processes may not be sufficient to satisfy the requirements under Sarbanes-Oxley Section 404.

"Anecdotal evidence suggests that 20% to 40% of spreadsheets have errors, but recent audits of 54 spreadsheets found that 49 (or 91%) had errors, according to research by Raymond R. Panko, a professor at the University of Hawaii."

May 24, 2004 issue of Computer World

"30 to 90 percent of all spreadsheets suffer from at least one major user error. The range in error rates depends on the complexity of the spreadsheet being tested. In addition, none of the tests included spreadsheets with more than 200 line items where the probability of error approaches 100 percent."

The Journal of Property Management on July 1, 2002

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Inherent SOX Management and Reporting

DI Tax provides inherent SOX management and reporting, so you can monitor and document the who, how, and when behind all of your results. There are no more manual processes to substantiate results after the fact. With DI Tax, internal reviewers can use the Process Explorer feature to confirm each step of the process workflow. Role-based permissions keep hands off of secure calculations. Advanced reporting tools clearly identify who is involved in each calculation and transaction.

You maintain control over:

  • Accountability of tax operations
  • SOX management and reporting