CODA launches new product for easy, low-cost LSF compliance

Released on = September 7, 2006, 6:16 am

Press Release Author = CODA

Industry = Small Business

Press Release Summary = . helps fast-track the design of controls to address
France's Sarbanes Oxley - the French Financial Security Law (LSF)
. internal controls standardised for accurate reporting and accurate audit trail

Press Release Body = CODA Group, the finance software specialist, today announced
the launch of CODA-Control Architect for LSF (Loi sur la Securité Financière). It
offers users a significant reduction in the level of effort and cost associated with
complying with LSF regulations, and ensures best practice in the design of internal
controls.
LSF, considered France's equivalent of the US Sarbanes-Oxley Act, came into effect
on 1 August 2003 and affects all stock exchange listed companies in France. It
requires among other provisions that each issuer publishes a report on internal
control and that the report must be made publicly available in France.
CODA-Control Architect is a specialist controls design tool, aimed at helping
companies adopt best practice internal controls to comply with specific legislation.
The first version of Architect delivered the successful SOXliteTM methodology
developed by CODA's partner, Control Solutions International (the internal audit and
controls specialist). The latest version addresses the French law, which has been
likened to Section 404 of the Sarbanes-Oxley Act. A template has been developed
using best practice methodology, enabling users rapidly to create an effective set
of processes and controls for ongoing LSF compliance, across the organisation.
The LSF edition of CODA-Control Architect is the latest of a range of solutions from
CODA to support the design of controls and processes for forthcoming compliance
legislation. Able to be up and running in just one day, it helps organisations to
define the scope of the business processes affected, enabling them to set in place
internal controls that ensure processes are visible, repeatable, and auditable. It
can also be used to benchmark existing controls, identifying where the level of
control is too great - imposing unnecessary restrictions and costs - or too weak.
CODA-Control Architect provides the logical starting point for compliance and is one
in a set of three integrated process control tools that can be applied (either
individually or combined) to support companies through the key stages of regulatory
compliance - delivering best practice in the design, documentation, implementation
and monitoring of regulatory compliance programmes.
The CODA-Control compliance suite offers simple, controlled compliance for a range
of international corporate governance regulations, with minimum effort and expense.
This is vitally important for small- and medium-sized organisations, as they
increasingly fall under the provisions of legislation that can impose a significant
financial and operational burden on them.
ABOUT CODA
CODA creates, markets and implements a complete range of software systems designed
specifically to meet the needs of Financial Directors and Finance Departments. These
include financial management systems, analysis applications, and business process
management and control s