BetaWatch Press Release
FOR IMMEDIATE RELEASE
For information, contact:
Temi Grafstein, BetaWatch Inc.
tgrafstein@betawatch.com
Toronto 416.780.1677
USA/Canada 1.866-638-beta (2382)
BetaWatch launches Sarbanes Oxley Section 404 Education
Toronto, CANADA June 9, 2004 - ßetaWatch Inc., addressed the British Computer Society of Upper Canada. In the professional development portion of the regularly scheduled meeting. Attendees were introduced to Playing with Fire: The Corporate Governance Challenge and What it Means to IT.
http://betawatch.com/address/playingwithfire.pdf
The Sarbanes-Oxley Act Section 404 -- Management of Internal Controls requires business process documenting: consolidation, benchmarking, risk monitoring and feedback mechanisms to the board, share holders and the Securities and Exchange Commission originally required for September 2003, was delayed until November 2004. Multinationals with a foot in Wall Street are required to comply by June 2005. The professional development address explained the COSO -- internal control framework.
"We have applied our proven process in the area of risk consulting and internal audit to the evaluation of a company's readiness for SEC Section 404. The attendees were surprised to learn that companies who supply technology to corporations that are required to comply must also ensure that internal controls are managed," said speaker Temi Grafstein.
British Computer Society member Frank Boesche said, "Compliance and higher standards -- there is no doubt about it. Understanding the goals and what one needs to comply with -- that, from my understanding, is the real question. This session made it quite clear. Not only did it raise the interest in corporate compliance issues, but the discussions [afterward] proved the point."
ßetaWatch associate Dr. Arik Kapulkin contributed to the technical discussion concerning COSO's separation of transaction and application processes.
ßetaWatch Inc. technology audit service helps corporations gain control over their risk management process: this enables the board of directors and the audit committee to comply with today's higher standards of governance and identify appropriate accountability measures.
Public Relations
Greg Spenser
Tel: 416.339.0226
gspenser@betawatch.com
ßetaWatch Inc.,
600 Bay Street
Suite 405
Toronto, ON CA M5G 1M6
www.betawatch.com
Toronto 416.780.1677
USA/Canada 1.866-638-2382
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