CLEVELAND, Jan. 26 /PRNewswire/ -- Axentis, the leading provider of governance, risk and compliance (GRC) management solutions, has marked a significant milestone as Novartis AG became the company's first customer to be recognized by their independent external auditors for achieving compliance with Section 404 of the Sarbanes-Oxley Act. This section of the landmark legislation requires public companies to establish and attest to an effective internal control structure for reporting financial results.
As a foreign SEC registrant, Novartis was not required to be Sarbanes- Oxley compliant until the end of 2005. However, the company felt it was important to move forward on an aggressive schedule to demonstrate its strong commitment to corporate governance. Axentis technology and its team were an important part of this process, and the report received by Novartis from its external auditors revealed the company to be Sarbanes-Oxley compliant through the end of 2004.
"We commend Novartis for having achieved Section 404 compliance - an accomplishment made more impressive by the fact that it occurred just three weeks after the close of the company's fiscal year," said Ted Frank, president of Axentis. "We are proud of the role we have played in helping Novartis achieve these results, and we look forward to helping them leverage their Sarbanes-Oxley technology framework to ensure compliance with other regulatory requirements."
In addition to Sarbanes-Oxley, leading enterprises are effectively leveraging Axentis Enterprise to achieve certifiable compliance with a number of other important regulations, including HIPAA, Basel II, Anti-Money Laundering statutes, and the Foreign Corrupt Practices Act.
Founded in 1999 with the mission to develop the first broad governance, risk and compliance (GRC) technology framework, Axentis delivers software addressing specific compliance requirements. With 600,000+ users in 100+ countries representing $700B in combined revenue, more Global 2000 companies depend on Axentis than any other source. A sampling of regulations currently supported includes Sarbanes-Oxley, CobiT, HIPAA, anti-trust and general risk and incident management. Axentis is also a founding member of the Compliance Consortium. For additional information, call (800) 955-2706 or visit http://www.axentis.com/ .