Case-in-Point 1.6 In order to make sure they are fully compliant with the requirements
of the Sarbanes-Oxley Act, many companies are acquiring specialized software packages that
collect financial information and help auditors verify that they are fully compliant with the
data-gathering and retention requirements of the law. The Sarbanes-Oxley Act has thus been
a boon to the developers of such software—i.e., Interwoven, PeopleSoft, and Oracle. The
estimated market for such products: between $1 and $4 billion.6
The U.S. Patriot Act— an acronym for ‘‘Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism’’—was signed into law shortly after the terrorist attacks
of September 11, 2001. Although those sections of the law permitting search, wire-tapping,
and seizure actions without legal warrants have attracted the most attention, a number
of less-publicized articles directly affect accounting systems. Section 352 of the Act, for
example, requires auditors to verify that their organizations have adequate risk assessment
and prevention systems. Other sections of the law require financial institutions to have
an anti-money laundering officer, professional training for employees, and independent
audits of financial programs. Of special interest: the requirement that banks monitor their
accounts in foreign institutions for possible fraudulent uses, and perform due diligence in
high-risk (but unnamed) countries known for corruption, money laundering, or terrorist
activities. The Act also includes penalties for those organizations that do not comply with
these requirements.
Case-in-Point 1.6 In order to make sure they are fully compliant with the requirementsof the Sarbanes-Oxley Act, many companies are acquiring specialized software packages thatcollect financial information and help auditors verify that they are fully compliant with thedata-gathering and retention requirements of the law. The Sarbanes-Oxley Act has thus beena boon to the developers of such software—i.e., Interwoven, PeopleSoft, and Oracle. Theestimated market for such products: between $1 and $4 billion.6The U.S. Patriot Act— an acronym for ‘‘Providing Appropriate Tools Required toIntercept and Obstruct Terrorism’’—was signed into law shortly after the terrorist attacksof September 11, 2001. Although those sections of the law permitting search, wire-tapping,and seizure actions without legal warrants have attracted the most attention, a numberof less-publicized articles directly affect accounting systems. Section 352 of the Act, forexample, requires auditors to verify that their organizations have adequate risk assessmentand prevention systems. Other sections of the law require financial institutions to havean anti-money laundering officer, professional training for employees, and independentaudits of financial programs. Of special interest: the requirement that banks monitor theiraccounts in foreign institutions for possible fraudulent uses, and perform due diligence inhigh-risk (but unnamed) countries known for corruption, money laundering, or terroristactivities. The Act also includes penalties for those organizations that do not comply withthese requirements.
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