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Nearly Half May Not Meet Sarbanes Deadline
A recent poll of IT executives found that 45 percent of public companies anticipate they will fail to meet the message retention requirements laid out in next July's Sarbanes-Oxley compliance deadline.
Nearly half (45 percent) of public companies do not expect to meet the message retention requirements laid out in the July 15, 2006, Sarbanes-Oxley (SOX) compliance deadline, according to an August web poll by Akonix Systems, an instant messaging (IM) security and management provider. Failing to meet the corporate accountability deadline can result in jail time for company executives and officers, as well as hefty financial fines.
According to SOX Section 404, public companies are required to undergo an annual evaluation of their internal controls and procedures for financial reporting, as well as an assessment for the effectiveness of these controls. When electronic communications such as IM are involved in that process, those communications need to be logged, archived and available upon request. Some large-cap businesses were forced to attest these controls were in place this year, while smaller-cap companies and corporate businesses who filed for an extension need to do so by mid-July 2006. In Akonix’s survey of 157 executives at public companies, only 29 percent felt they would be able to meet the deadline for archiving messages, while a further 26 percent did not know if …
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