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OpenPro and Sarbanes-Oxley Compliance

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OpenPro ERP Software is fully compliant with Sarbanes-Oxley (SOX) Act of 2002

OpenPro offers complete solution for public companies.

From OpenPro versions 5 to current version we use business rules engine. With OpenPro business rules ask if the company is public, if the answer is yes, then OpenPro ERP Software runs using Sarbanes-Oxley logic.

OpenPro supports most industries with a complete ERP software solution. The financial accounting software supports a closed loop financial flow, and offers government accounting software. As a provider of manufacturing ERP software, OpenPro excels in its MES software and manufacturing inventory software.

Another of the many business software solutions is a complete retail POS system, while distributors benefit from the supply chain management software.

Because OpenPro is built using open source technology, both the initial purchase price and the ongoing maintenance expense can be up to 80% less than Windows-based ERP software solutions, while offering a broader range of functionality.

What is the Sarbanes-Oxley SOX Act of 2002?
Effective in 2004, all public companies will be required to submit an annual assessment of the effectiveness of their internal financial auditing controls to the Securities and Exchange Commission (SEC). Additionally, each companys external auditors are required to audit and report on the internal control reports of management, in addition to the companys financial statements.

Why was the Sarbanes-Oxley Act passed?
The Sarbanes-Oxley Act of 2002, also known as SOX, was passed due to the accounting scandals at Enron, WorldCom, Global Crossing, Tyco and Arthur Andersen.

What companies need to comply with Sarbanes-Oxley?
All publicly-traded companies in the United States, including all wholly-owned subsidiaries, and all publicly-traded non-US companies doing in business in the US are effected. In addition, any private companies that are preparing for their initial public offering (IPO) may also need to comply with certain provisions of Sarbanes-Oxley.

When did Sarbanes-Oxley compliance take effect?
All parts of the Sarbanes-Oxley Act with the exception of Section 409 are effective now. For Section 404, public companies needed to have their financial reporting frameworks operational for their first fiscal year-end report after November 15, 2004.

What is the Sarbanes-Oxley Act comprised of?
The Sarbanes-Oxley Act itself is organized into eleven sections, but the sections 302, 404, 401, 409, 802 and 906 are related to the compliance of accounting procedures. OpenPro is compliant with all Sarbanes-Oxley accountability standards for corporate boards and auditors, established a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC).

What does Sarbanes-Oxley compliance require?
All applicable companies must establish a financial accounting framework that can generate financial reports that are readily verifiable with traceable source data. OpenPro integrated document imaging to all processed transactions. This source data must remain intact and cannot undergo undocumented revisions. In addition, any revisions to financial or accounting software must be fully documented, OpenPro will help with this.

What are the penalties for noncompliance with Sarbanes-Oxley?
Lawsuits and negative publicity, a corporate officer who does not comply or submits an inaccurate certification is subject to a fine up to $1 million and ten years in prison.

Nonprofit and Government
Nonprofit, school and government organizations have their own unique accounting and fundraising demands and we develop systems designed specifically to meet their needs.
Practice Management
To meet the needs of CPA firms and accounting professionals, we offer an array of management and productivity applications. Because our product is web-based a CPA can be connected to all his clients over the web. Without costly firewalls, communications programs, etc.
E-Commerce and Web
OpenPro has built in E-commerce module to meet the needs of any company, we offer an array of different designs and styles to make your E-Commerce site unique./td>
Service, Time Tracking, Scheduling and Billing
For Service organizations, you can schedule your service technicians and generate bills from the schedule. This can be used for HVAC, Computer Services, Appliances, and more.
Professional Services Management, Medical solutions
To meet the needs of Professional services firms such as lawyers and accountants, recording and reporting time are critical to efficient operations. To help simplify this OpenPro has a calendar that breaks down the time and shows billable hours and generates the bills accordingly. Like everything with OpenPro remote access is built into the system.

Medical solutions for Hospitals, Doctors office, with web based patient information more available and electronic document control and calendar scheduling. Also a medical knowledge base for looking up solutions. Interface for portable terminals that run Wince.

 

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10061 Talbert Avenue #200
Fountain Valley, California 92708 USA
Phone: (714) 378-4600 Fax: (714) 964-1491
E-Mail us at opinfo@openpro.com for more information.


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