Sarbanes-Oxley section 404 is all about effective internal controls - and when it comes to documenting these, Anthony Tarantino's "Manager's Guide to Compliance" recommends the use of
- Electronic work and approval flows (sounds like Windows Workflow Foundation)
- Risk Management tools
- Event Management tools (workflow notifications / document sharing)
- Document & Records -Management- tools (Office SharePoint Server 2007)
But the paragraph I like is:
"Of these best practices, deploying a document management tool should be given the highest priority."
Well, then it continues like:
"Best practices would include the replacement of uncontrolled spreadsheets."
The author refers to a study by PriceWaterhouseCoopers in 2004 - making an argument for eliminating "uncontrolled" spreadsheets especially "in preparing and presenting financial findings". According to the author, the most painful issues leading to incorrect spreadsheets (and even fraud) are
- Poor spreadsheet security
- No version control
- Poor or nonexistent training
Security and version control for spreadsheets - only having ONE version of the truth - was actually a key goal when Excel Services (will ship with MOSS2007) features were designed......