The Sarbanes-Oxley Act was enacted in 2002 as a result of the Enron, WorldCom, and other corporate scandals. The main purpose of the Sarbanes-Oxley act is to ensure auditors and corporate management both comply with GAAP and have a set of controls in place to prevent fraud.
Integral Accounting Enterprise has many built in features that allow the software to accommodate the Sarbanes-Oxley requirements.
These features include:
1. The Integral Accounting Enterprise System keeps a complete audit trail that tracks every change made to every field.
2. The system keeps a history of all transactions within the system.
3. Any transactions affecting the general ledger cannot be edited or deleted.
4. All transactions in the system, like orders, invoices, purchase orders, etc., are treated as “legal documents” and therefore cannot be edited or deleted once posted to the system.
5. The system requires passwords usernames and passwords, and supports individual rights assignments to users. Integral Accounting Enterprise password security is separate from the operating system security for an extra level of protection.
6. The system supports a purchase approval process. All purchase orders must be approved before they can be vouchered and paid.
7. The system supports a payment approval process. All vouchered payments must be approved before they can be paid.
8. The system supports the separation of business functions between different users. This is one of the most important requirements of the Sarbanes-Oxley Act. For example the system can be configured so that the employees vouchering the payments cannot also print the checks, and Employees ordering inventory cannot also receive inventory, etc.
9. Full source code for the software is included so you can completely customize system security and add additional audit controls as necessary for your company’s internal audit and management procedures.