openPR Logo
Press release ERP Keeps its SOX Up

06-14-2010 09:15 AM CET | IT, New Media & Software

Press release from: Visibility Corporation

Visibility Corporation

Visibility Corporation ERP Stays Current with Features Built to Support Sarbanes-Oxley Compliancy
ANDOVER, MA – June 10, 2010 – Visibility Corporation recently gathered a group of manufacturing company executives, financial officers, and compliancy auditors to review ERP software features needed to help companies remain compliant with Sarbanes-Oxley (SOX) Requirements.
Jack Saint, Visibility Corporation’s President and Chief Operating Officer, chaired the meeting, held on June 8, as part of Visibility’s ongoing efforts to stay current on the interpretation of the SOX act and ensure its software supports such compliancy efforts.
“There are many opinions and interpretations of SOX requirements for ERP and it is our responsibility to remain informed on these so that we can provide our clients with an ERP solution that provides the features they need to comply,” noted Saint. “Working with SOX compliancy auditors and manufacturing company executives, Visibility has been able to develop and maintain a practical and easy to understand set of ERP requirements in order to continue to help our customers in understanding and meeting the needs of SOX compliance.”
The United States Congress enacted the Sarbanes-Oxley Act in 2002 (SOX) to Protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. Since then, many organizations and audit firms have outlined how ERP solutions can aid in IT organizational compliance with the SOX requirements. These requirements continue to evolve.
IT organizations and ERP solutions are mainly driven by three sections of SOX:
1. Section 302 requires the officers of the company to make representations related to the disclosure of internal controls, procedures, and assurance from fraud.
2. Section 409 requires disclosures to the public on a “rapid and current basis” of material changes to the firm’s financial condition.
3. Section 802 requires authentic and immutable record retention.

So, how do these translate into requirements for an ERP solution? Some of questions identified that are asked by SOX auditors on ERP include:

1. Are all financial transactions tracked and maintained so that any transaction impacting the General Ledger of the company can be reviewed historically to substantiate the user, when the transaction occurred, and what the impact was?

2. Are reports and inquiries available to retrieve this information when needed for review?

3. Are controls in place (e.g. role-based security) to ensure only those authorized can initiate such transactions? Is there control and tracking of which users are assigned which roles and by whom?

4. Are controls in place to only allow valid GAAP compliant transactions? For example, does the system prevent journal entries to warehouse accounts outside of the warehouse inventory transactions? Are there controls in place to prevent out of balance ledgers – for example, AR ledger being out of balance with GL?

5. Is all of the underlying software (e.g. databases, operating systems) on a current supported revision?

6. What controls are in place to prevent fraudulent transaction or hiding of history (e.g. to prevent writing checks to ‘temporary’ vendors and then deletion of history to cover up)?

7. Are procedures documented and are these procedure readily available to users of the system through custom online help?

8. Does management have access to real-time, current, financial information through an integrated system, ease of access, and business intelligence so that material changes to a firm’s financial condition can be readily available and easily determined?

9. Does the system retain historical transactional data indefinitely or in some archive so that the authentic and immutable record retention requirements are met?

10. Are there change controls in process, both as related to the software updates as well as changes in Engineering BOMs for manufacturers through an Engineering Change Control procedure?

“There are a number of basic requirements, along with several that are more obscure. Knowing that ERP is merely one piece of the SOX puzzle, we need to make sure our piece holds together and keeps our commitment to clients concerned with SOX.
Meetings like the one this week are critical to ensuring that Visibility and its clients continue to stay current on SOX ERP requirements as they evolve,” Saint said.

Visibility is a registered trademark of Visibility Corporation and its affiliates. The names of companies and products mentioned herein may be the trademarks of their respective owners.

About Visibility Corporation
Visibility Corporation is a leading developer and supplier of business software solutions designed for the unique needs of project-based, engineer-to-order and to-order manufacturers. Visibility's Enterprise Application solutions help small and midsize manufacturers of complex products operate their businesses effectively. Visibility has an extensive customer base throughout North America and Europe and has the strongest representation of ERP among complex manufacturers. is an integrated, in-house ERP solution. It offers comprehensive end-to-end business functionality, integrated reporting, business intelligence and workflow and is cost effectively delivered utilizing the power of the Microsoft.NET development environment. The software can operate using either a Microsoft SQL Server™ or Oracle® database. Conducting business any place, any time is a reality utilizing this highly adaptable and scalable ERP solution.

Visibility Corporation
200 Minuteman Road
Andover, MA 01810
Serenity Maxwell

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release ERP Keeps its SOX Up here

News-ID: 134920 • Views: 1158

More Releases from Visibility Corporation

Amazon Web Services and Visibility Announce Availability of ERP C …
Visibility customers can now deploy Visibility enterprise software on Amazon Web Services ANDOVER, MA – Oct. 17, 2011 Amazon Web Services (AWS) and Visibility Corporation (Visibility) today announced that Visibility enterprise software is now available to run on the Amazon Elastic Compute Cloud (Amazon EC2). ERP, VisMobile Shop Floor and Data Warehouse Suite and Visibility Business Intelligence Solutions are now supported and available on Amazon EC2. Customers who operate VISIBILITY
Visibility Launches the ERP Connection
The ERP Connection blog provides unique insight into Enterprise Resource Planning and more. ANDOVER, MA – August 9, 2011 – Visibility Corporation has launched the ERP Connection blog, to share a unique perspective on ERP systems, implementations, and other humorously related topics. Authored by the staff at Visibility, the ERP blog will have a primary focus on the manufacturing industry, while mixing in personal tales of adventure. The ERP ERP Software Selected by Whipps, Inc.
Visibility Corporation is pleased to welcome new enterprise resource planning software customer, Whipps, Inc., of Athol, MA. Andover, MA – July 13, 2011 – Whipps, Inc. of Athol, MA has chosen as its enterprise resource planning solution. The project leaders are eager to begin implementation and have set the go-live for November of this year. Norm Hansen of Whipps said “The solution will allow us to continue
Announcing Availability of Version 8
Visibility announces that the next major release of the ERP software, Version 8, is now available. Andover, MA – June 24, 2011 – version 8 is now available for existing and new customers. This exciting major release boasts over 100 product enhancements, new reports, global features, and support for new technology. In addition, Version 8 offers a new Warehouse Management module, allowing for wireless handheld bar coded

All 5 Releases

More Releases for ERP

VAT Enabled ERP Software - AxolonERP
VAT Complaint ERP in UAE The end of the fiscal year of 2016-17 brought a novel taxation scheme in the UAE and Saudi Arabia – VAT. The VAT or Value Added Tax changed the way enterprises of all types and scales worked as far as accounting and finance management is concerned. The invoicing; inventory management; investment and asset planning and billings of all kinds experienced changes and the need of the
ERP System: Order Tracking
Pathak Technosys can provide you with ERP System too. WE have created one of the Order tracking system for our Client. An order tracking system is important because it's a key component of the overall customer experience, which is gaining more and more importance in the B2B space. Wysetek is an Application prepared for tracking your orders. It is basically an ERP system for maintaining the orders received and order delivered in
Itech Solutions: - Best erp systems
Itech Solutions ERP Lite is the best Software provider settled in Bangalore since 2009. Our Software additionally provides a specialized software popularly called ERP Software for Real-estate, Retail, Health care, Manufacturing and Education. In Simple words associate ERP is the incorporated programming arrangement as well as all the practical bureaus of the enterprise. Erp Lite software contains of coordinated elements of Accounts and Finance administration, Sales, marketing and CRM Management,
Visibility Launches the ERP Connection
The ERP Connection blog provides unique insight into Enterprise Resource Planning and more. ANDOVER, MA – August 9, 2011 – Visibility Corporation has launched the ERP Connection blog, to share a unique perspective on ERP systems, implementations, and other humorously related topics. Authored by the staff at Visibility, the ERP blog will have a primary focus on the manufacturing industry, while mixing in personal tales of adventure. The ERP
abas ERP sales boom
Production-, manufacturing-, distribution companies, and automotive suppliers, selected abas ERP to move towards an economic recovery Karlsruhe, Germany, January 04th 2011 – The IFO Business Climate Index confirms that business development in many industries is again rapidly increasing. In comparison to 2009, ABAS has again seen a significant rise in sales. Especially mid-market custom manufacturers and automotive suppliers seeking technological and organizational changes while moving towards an economic recovery and increasing
Abecor Sistemes selected abas ERP
Barcelona, Spain / Karlsruhe, Germany – Abecor Sistemes S.L. focuses on industrial engineering and the automation of industrial processes. Located in Barcelona, local software partner ABAS Business Solutions Ibérica S.L. will ensure a smooth and successful implementation. Abecor’s ( business portfolio includes PLC programming and process management for various industries such as, paper, chemistry, and cellulose. Abecor’s experience and professionalism allows them to offer concrete solutions and adapt them to