Intuitive Surgical Prepares for Sarbanes-Oxley Compliance

Surgical robotics company selects software to ease compliance while managing tasks, resources

Surgical robotics company selects software to ease compliance while managing tasks, resources

Cupertino, CA — September 16, 2004 — Movaris, a provider of financial control management software, today announced that Intuitive Surgical, a leader in operative surgical robotics, has chosen Movaris Certainty to assist in managing its compliance with Section 404 of the Sarbanes-Oxley Act of 2002.

Intuitive Surgical said it needed a solution that would centralize financial control documentation and assist key control participants outside of the finance organization with the new compliance procedures. The company said it finally selected Movaris Certainty for its Web interface, automation of many financial control tasks and proactive reminders to ensure that control participants complete controls in a timely manner.

Movaris said its software initially sends an e-mail to control participants with all instructions for completion of the required task and related reference documents attached. It then follows up to ensure participants complete required tasks correctly and on time, and if tasks are overdue, automatically escalates the control to management.

"Certainty's automatic reminders, escalations and central repository for financial control information will greatly ease our introduction of compliance tasks throughout the company," stated Susan Barnes, chief financial officer of Intuitive Surgical.

Movaris said its software is designed specifically to support all phases of Sections 404 and 302 of the Sarbanes-Oxley Act. Its Web interface is supposed to simplify documentation, testing and review of financial controls for control participants around a company. And, the company said Certainty automatically detects control non-compliance or material weakness, notifies management of weaknesses in the financial control environment and automatically manages the issue through to resolution.

"Complying with Sarbanes-Oxley can create an apparent added burden and impression of additional work," said Eric Keller, CEO at Movaris. "We wanted to make compliance and financial control easier, and have the application perform as much of the work as possible. Certainty's reminders in the automated control action plans enable all control participants at Intuitive Surgical to handle the responsibility of compliance, while also managing resources and time."