More work, less time, stiffer penalties - but help is available

Dallas, Texas - May 27, 2003 - Sarbanes-Oxley has created more work in less time with stiffer possible penalties - but there are steps companies can and should take to lessen the load.  This was one of the messages delivered during a session on Sarbanes-Oxley compliance during day two of a customer summit hosted by BizNet Software, May 15-16 in Dallas.  BizNet Software, Inc. combines accounting and technology expertise to help companies solve accounting problems.

George McMann, President and CEO of BizNet Software, showcased how early warning reporting technology  can help companies enhance internal controls.  "Technology can be utilized to automated financial system monitoring with configurable thresholds, generate exception reports and alerts, provide detailed audit reports and work across multiple financial systems," said McMann.  By improving internal controls with detailed audit trails, configurable alerts and exception reports, companies can streamline the accounting process and catch many problems before they blossom into potential penalty-producing nightmares.

To help ensure compliance with the new legislation, corporations should focus on three aspects: legal, internal controls, and technology.  Representatives from the law firm Haynes & Boone, professional services firm Resources Connection, and BizNet Software discussed how to create a corporate governance strategy and methodology to meet certification demands.  All three companies provided informative presentations, fielded questions, and shared their own experiences in helping companies adjust to the newest accounting laws.

Haynes and Boone representatives Rob Kibby and Paul Wehrmann discussed the firm's best practices program as part of the Sarbanes-Oxley session.  The legislation has resulted in increased costs and a major redistribution of resources to disclosure systems, Kibby and Wehrmann said.  They added that if a company doesn't have a disclosure committee, it should.  And it should also document, in some form or fashion, the disclosure process.

Stephanie Woodruff, Global Managing Director for Resources Audit Solutions, and Rocco Tarasi, President and CEO of Snap River Technologies, focused on Section 404 compliance, and how to automate the documentation process.  Woodruff discussed the top-level requirements of Section 404, shared best practices Resources Connection has been involved with at customer locations, and described challenges inherent with enterprise wide documentation needs.

Tarasi shared best practices methodologies for managing policy, procedure and control information.  He also showcased web-based technology that can help companies create an automated content management system with the necessary inherent controls.

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About BizNet Software
BizNet Software's staff of accountants and IT professionals specializes in helping companies improve the financial reporting process by enhancing existing financial systems and processes, resulting in better decision making and shorter closing cycles.

About Haynes & Boone
Haynes and Boone, L.L.P. is an international law firm with nine offices throughout Texas, Washington, D.C., and Mexico City that provides a full spectrum of legal services to clients around the world.  With more than 425 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by National Law Journal.  For more information, visit www.hayboo.com.

About Resources Connection
Resources Connection, Inc. is an international professional services firm that provides accounting and finance, human resources, information technology, internal audit, and procurement professionals to companies on a project basis.  Headquartered in Costa Mesa, California, the company spun-off from Deloitte & Touche in 1999 and is now a publicly-traded company operating from 50 domestic offices and five international offices.  For more information, visit www.resourcesconnection.com.

CONTACT:

Steve Hill
Michael & Partners
stevehill@michaelpartners.com
972.716.0500 x105

Ben McMann
BizNet Software
bmcmann@biznetsoftware.com
972.893.0000 x101