The demand for transparent and timely information is drawing a tremendous amount of attention on corporate reporting and auditing practices. Responsibility and accountability for all compliance measures have been elevated from departmental levels to the chief executive officer level. Financial institutions must comply with an increasing number of regulatory mandates that impact both customer and capital information. The Sarbanes-Oxley Act has brought financial reporting and forecasting to the forefront of today’s executive agenda. Created in wake of high-profile management scandals, such as the corporate abuses uncovered at Enron and Tyco, the Sarbanes-Oxley Act has been devised to restore investor trust in public markets and re-establish corporate and accounting credibility. The reforms are designed to reduce fraud and oversight in corporate reporting, accounting, and auditing practices

The key rules of SOX are to strengthen the internal controls and ensure transparent financial reporting. This has potentially impacted the CXO’s job description from focusing on improving efficiency and reducing costs to include reducing risks associated with non-compliance and supervision also. The Act is not confined to the finance department alone. It affects the entire enterprise from how the marketing team recognizes income to how the shipping department records inventory and product delivery. It involves processes and internal controls that make every employee accountable for the bottom line of the company. This specifies the need for an integrated enterprise business intelligence (BI) environment that can help companies overcome hurdles related to gathering, analyzing, presenting and storing information. The implication is clear enterprise systems used to support the SOX compliance processes are key; they should support the processes in place or create dynamically to adhere to the law.

The iCAST Compliance Suite is designed to address the needs of SOX compliance in meeting up tightened quarterly and annual reporting deadlines. It helps automate and integrate disparate information systems throughout the enterprise and quickly process, format and distribute information. This helps in audit processes to evaluate key internal controls and to obtain real-time visibility into enterprise systems. The XBRL digital reporting suite automates and synchronises compliance reporting for preparing, publishing, exchanging, validating and analysing business information by internal and external reporting authorities.

The iCAST XBRL Reporting suite helps financial institutions file 10-Q and 10-K reports with U.S. Securities and Exchange Commission (SEC) in a timely and transparent manner. It includes predefined measures and dimensional elements to support the specific reported values and the breakdown of those values for 10-Q and 10-K reports as required by Sarbanes Oxley. It offers predefined reporting layouts for SOX 302, 401, 404 norms. It allows business managers to quickly define the reporting and analysis requirements. Each analysis consists of a series of measures & dimensions of varied perspectives. Together with robust data management and analytic environment helps institutions to perform various Sarbanes Oxley analysis.