Solution Highlights | Benefits

Intelligent Data Archival Solution for SOX Compliance (IDAS)

Sarbanes-Oxley Act of 2002 (SOX) mandates the need for retention of records relating and supporting to the financial accounting and disclosures pursuant to the securities laws, by the stakeholders. It is being considered as one of the most important requirements towards compliance since it directly affects the stakeholders, viz. the issuers and the auditors.

From the issuers' standpoint, Section 404 of SOX requires the top management (CEO and CFO) of the companies to personally certify the annual reports and that the companies should include in their annual reports, a report of management on the company's internal control over financial reporting. As a part of it, the rule also maintains that in such a report the company must maintain evidential matter, including documentation, to provide reasonable support for management's assessment of the effectiveness of company's internal control over financial reporting. Records retention hence becomes important.

From the auditors' standpoint, Section 802 of SOX states that the record retention requirements should apply to audits of issuers of securities under SOX. It requires auditors to retain audit work papers and supporting documents for a period of seven years from the date of conclusion of such audits.

Indusa presents an IDAS, an Intelligent Data Archival Solution for SOX Compliance. IDAS provides robust and intelligent platform for seamless archival of important financial data across the enterprise into a centralized and secured enterprise data repository. It enables the specific need based archival on-demand from the heaps of enterprise financial data.

IDAS is brought to you by Indusa. Indusa is an enterprise information management solutions and services company, helping organizations worldwide to meet with their business process automation and risk management needs. Leveraging superior combination of its solutions and services model, Indusa enables companies to meet with their business objectives in time and most cost effectively.