eRequester and SOX Compliance
Improved financial controls and better oversight
In the past executives could side step difficult financial questions by deferring responsibility to their staff. With Sarbanes-Oxley legislation, the responsibility for all financial statements has shifted to both the CEO and CFO.
eRequester, web purchasing and expense management software lets management establish, evaluate, maintain and report on internal purchasing controls. eRequester helps control corporate spending and allows purchasing managers to track each requisition from initial creation to receipt critical for public companies having to meet assessment of internal control conditions stated in the Sarbanes-Oxley Act of 2002, section 404.
eRequester helps management to establish and maintain an effective internal control structure and procedures for purchasing and payables, including:
- Approval of all spend requests are captured in the database and available for audit
- Purchase justifications and information requests made by approvers are all captured in each transaction
- Access to authorized vendors is controlled by eRequester; new vendors are subject to management approval
- Standard reports provide valuable insight into procurement and expense authorizations
- System security prevents unauthorized expenditures
eRequester provides pre-emptive control on purchasing, ensuring that purchases are approved before the expenditure is made. It is easy to see who the big spenders are and who the easy approvers are. For public corporations concerned with meeting Sarbanes-Oxley Act of 2002 financial reporting requirements, eRequester will make the job easier and is a natural fit.