Tampa, Fla. - Ninety-five percent of companies had inaccurate information on the number and configuration of their IT assets, according to study of IT asset management (ITAM) programs conducted by TekMethods LLC, a provider of IT asset management (ITAM) consulting services and solutions. The research findings also showed that for many enterprises that do have inventories of technology assets, the data is out of date, resulting in inaccurate financial and tax statements.In order for a company to be in full compliance with Sarbanes-Oxley, corporate executives need to be fully aware of all the technology assets owned by the enterprise and must certify financial reports. The potential risks of non-compliance include costly fines, jail sentences and damages to a company's financial health and reputation.

"TekMethods has found that since the Sarbanes-Oxley Act was passed, most companies--especially large, geographically distributed enterprises--have failed to recognized that software and hardware technology investments are a major part of their overall financial profile," says Lori Sechio, chief executive officer of TekMethods. "As a result, many companies have inaccurate financial and tax statements, exposing the organization and its executives to potentially costly fines and penalties. IT asset management programs can play a crucial role in helping companies with this problem, and those organizations that have already implemented them are well ahead of the game."

TekMethods helps enterprises track IT assets that need to be accounted for in Sarbanes-Oxley, HIPAA, and other compliance regulations. The company uses an IT asset management (ITAM) methodology that combines counsel with technology and business process solutions.

Source: TekMethods LLC

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access