A study commissioned by Symantec Corp. revealed today that only 10 per cent of executives believe Canadian businesses are fully prepared to conform to Bill 198 and MI 52-109 compliance legislation.
The press release goes on to say that senior compliance professionals from Symantec advise executives to consider the benefits offered by software-based automation tools intended to make financial disclosure less labour intensive and less expensive to prove compliance to auditors and regulators.
“Meeting first-year Bill 198 deadlines was only half the battle, and, unfortunately, a high level of both inaction and resistance to Bill 198 has forced many Canadian companies into a risky game of procrastination,” said Ed Daugavietis, senior analyst, Info-Tech Research Group. “Rather than wait any longer, Canadian companies would benefit from process automation before manual ones reach the breaking point. We expect to see growing numbers of companies playing ‘catch-up’ as they embrace software automation to bring themselves up to the regulatory benchmark and adjust their processes for greater clarity, transparency and control.”
We are really pleased to see the increasing awareness of both the risk related to C-SOX and the benefits of using our software to automate disclosure. We’re seeing more and more companies realize how software can help them and we’re really pleased to be one of the solutions out there that helps companies improve compliance with Bill 198 and CEO and CFO certification of disclosure controls (MI 52-109)
Technorati Tags: Bill 198, Sarbanes Oxley, MI 52-109, CEO and CFO Certification, SOX 302, SOX 404, Risk Management, Compliance
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