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More Private Firms Working Toward Sarbanes-Oxley Compliance, Says META Group

  • 13 November, 2003 11:55

<p>FOR IMMEDIATE RELEASE</p>
<p>More Private Firms Working Toward Sarbanes-Oxley Compliance, Says META Group</p>
<p>Businesses Previously Thought to Be “Untargeted” Proactively Pursuing Projects to Ensure Future Growth and Longevity</p>
<p>Sydney, Australia. (November 13, 2003)  META Group, Inc. (Nasdaq: METG), has received a 40% increase in the number of inquiries over the last three months from forward-thinking, privately owned businesses and smaller public companies on how to meet minimum Sarbanes-Oxley Act (SOX) compliance requirements. A recent META Group teleconference on SOX also yielded over 25% of attendees from private firms — a large percentage of those firms plan on documenting and improving internal controls around financial management, including upgrading business applications in support of improved financial management.
While the Sarbanes-Oxley Act is targeted specifically at public companies with public float (equity and/or debt) of over $75 million, growth-minded smaller business leaders previously thought to be “untargeted” by SOX are looking to lay a foundation of minimal compliance that can evolve with the business. Privately owned firms planning an IPO and
public companies with strong revenue projections are setting aside portions of their IT budget to be used for smaller-scale SOX projects.
“The Sarbanes-Oxley compliance impact is not just being felt by large public companies. Rather, its impact will be felt by most companies doing business in the US,” said John Van Decker, a vice president of Enterprise Application Strategies at META Group. “Private firms should at a minimum consider moving to best-practice financial management applications and even seek consulting services to evaluate current operations.”
META Group recommends private and small public firms consider the following as initial steps in an enterprise SOX compliance project:
• Add independent directors to the board and create an independent audit committee
• Review internal accounting procedures
• Educate directors, officers, and employees on requirements pertaining to reporting of misconduct
• Provide education on fraud prevention and enlist the help of data-auditing solution providers</p>
<p>About META Group
META Group is a leading provider of information technology research, advisory services, and strategic consulting. Delivering objective and actionable guidance, META Group’s experienced analysts and consultants are trusted advisors to IT and business executives around the world. Our unique collaborative models and dedicated customer service help clients be more efficient, effective, and timely in their use of IT to achieve their business goals. Visit metagroup.com for more details on our high-value approach.</p>
<p>EDITORIAL CONTACTS
Kirsten Davey
Markom Marketing
+61-2-9977-8922
kirstendavey@markom.com.au</p>
<p>Peter Carr, General Manager
META Group
+61-2-9290-8659
peter.carr@metagroup.com</p>

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