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3 March 2005
Atlanta, Georgia
FOR IMMEDIATE RELEASE
Sarbanes-Oxley Challenges Continue for US Companies
With the Sarbanes-Oxley Act in place since January,
companies are still feeling their way through the
difficulties of compliance. Section 404 of the Act requires
that financial reporting for public companies is both
accurate and reliable by establishing a set of internal
accounting controls. The Wall Street Journal reports that
nearly 500 companies have reported deficiencies with their
internal controls – and one of the key areas for improvement
is cost management.
As part of the Journal’s investigation, nearly 50 public
filings from the group reporting weaknesses were reviewed.
Some of the more common problems noted were “…unfettered
access employee access to some financial systems” and
“…difficulty in tracking and reporting costs.” Manufacturing
companies are now turning to enterprise cost management to
aid them in both reporting accurate costs and meeting the
security and auditing requirements of SOX 404. These
companies are eliminating spreadsheets regularly used
because they have lax security features and are prone to
errors. Companies across process-intensive industries are
improving cost performance while establishing solid internal
accounting controls.
Impact:ECS, the leading enterprise cost system, is a
comprehensive tool that gives managers the ability to track,
calculate, report and simulate costs for their entire
production process. The flexible design allows users to
develop Models that exactly replicate how costs are
accumulated in production. It integrates with enterprise
resource planning (ERP) and manufacturing execution (MES)
systems to ensure data integrity throughout the costing
process. With clients in industry verticals including
semiconductors, food processing, paper and textile,
Impact:ECS can handle the complexities required to calculate
costs at the company, plant, client, order or individual
product levels.
The client/server design allows for permission-based
security access to centralized, confidential financial data
for both the desktop and web applications. Companies with
multiple production locations also benefit from the ability
to develop a common costing platform allowing for better
business performance analysis and tracking. With the Model
Audit feature incorporated in the latest release, the
administrator can easily track and verify changes for all
Impact:ECS Models by type, user or period of time.
About 3C Software
3C Software, developers of Impact:ECS™ and Impact:3C®, was
founded in 1989 and is a leader in detailed cost management
systems for process manufacturers. Headquartered in Atlanta,
Georgia, 3C Software serves clients in several manufacturing
industries including automotive, textile and apparel, pulp
and paper, semiconductor, chemical and rubber, and food and
beverage. 3C Software's rapidly implemented solutions work
with all accounting methods, are simple to maintain, and
handle unlimited calculations and variables. For more
information about 3C Software, visit
www.3csoftware.com
or call 800-226-2036.
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