Designed to automate internal controls, maintaining audit trail of movement within the supply chain
Mission Viejo, CA — June 29, 2005 — HotStatus Enterprises, a provider of supply chain management and supply chain visibility solutions for logistics service providers and medium to large enterprises, today announced that it has released a set of products and tools for companies needing to comply with the Sarbanes-Oxley (SOX) Act.
Although the supply chain is not specifically called out in the Sarbanes-Oxley Act of 2002, section 404 is widely known to affect the movement of goods with regard to reporting their movement and auditing their worth. Management must attest to internal controls and certify them with an auditor. In lay terms, this means that the movement of product from suppliers to distribution centers (DCs), DCs to stores, stores to stores, and so forth, must be monitored, tracked and reported in a manner that has a viable audit trail that can be certified by a public accounting firm.
"Although most of the deadlines for SOX compliance have passed, many companies are still not compliant with regard to their supply chain," said Tom Fracisco, president of HotStatus Enterprises. "Companies can no longer afford to have gaps in their records regarding the movement of goods. HotStatus recognizes this is a widely misunderstood area of compliance and is committed to help our clients quickly gain compliance with the Act."
Some of the capabilities for SOX compliance offered by HotStatus include the ability to direct inventory movement among locations, the creation of inventory movement tasks and validation of moves against the destination location, providing an inventory adjustment function, recording inventory adjustments for audit trail requirements, and managing changes to warehouse inventory. The security features incorporated into the HotStatus product suite ensure that usage and audit trails for all activities are maintained.
For more information on Sarbanes-Oxley, read Parts 1 and 2 of the recent SDCExec.com series on Contract Management: Five Myths of Contract Management, and Contract Management: Improving Corporate Governance.
Other recent SDCExec.com articles on Sarbanes-Oxley:
- Synchronize to Survive
- Sarbanes-Oxley: The Next Y2K?
- Survey Reveals New Findings on Sarbanes-Oxley Compliance
- Most Companies Working on Sarbanes-Oxley
- Survey: Most Companies Have Not Budgeted for Sarbanes-Oxley Compliance
- More articles about Sarbanes-Oxley.