Sarbanes-Oxley Hidden gold in corporate clean-up

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Hidden gold in corporate clean-up
http://news.com.com/Hidden+gold+in+corporate+clean-up/2100-1029_3-5465305.html

By Dawn Kawamoto
Staff Writer, CNET News.com
November 24, 2004

Sarbanes-Oxley may strike dread in the hearts of some IT executives,
but not Tracy Austin.

Austin, the chief information officer with casino operator Mandalay
Resort Group, said the financial reporting regulations act resulted in
a 30 percent increase in her information technology budget this year
and battle-tested her fairly young IT staff.

"I was able to beef up our test and development system budget, as well
as our firewall and intrusion detection system budget," Austin said.
"Sarbanes-Oxley opened up the awareness of our (chief) executives and
prompted questions about...our business risks. So instead of talking
about technology, we were talking about what are our business risks
and the technology to address them."

Compliance technology has gone from the wish lists of bean-counters to
the important to-do lists of key executives and board members.
That's because the regulations laid down in the Sarbanes-Oxley Act and
other laws hold executives' feet to the fire, making them responsible
for signing off on the accuracy of their financial statements. Last
week, a key section of Sarbanes-Oxley kicked in, turning up the heat.

That push to overhaul systems looks likely to be a boon for security
technology providers.

Overall spending on complying with the Sarbanes-Oxley Act is expected
to reach $5.5 billion this year, according to a recent survey by AMR
Research. That's more than double the $2.5 billion that was spent last
year. And technology companies are expected to grab nearly a third of
the multibillion-dollar spending pie in 2005.
snip


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