Carlstadt, NJ (December 14, 2005) — Data Communiqué International, a leading provider of data, publishing, printing and distribution technologies, today announced the availability of a white paper titled “SOX Compliance vs. Mutual Fund Reporting: An Implosion Waiting to Happen?” The paper, authored by David Curran, CEO and Brian Essman, CFO of Data Communiqué, exposes why current reporting processes, workflows tools and methodologies for the mutual fund executives are leading to a compliance meltdown if not changed. In addition, the paper goes on to argue why, in the Sarbanes-Oxley era, mutual fund managers find little time for sleep when their compliance processes are still based on linear models for fund reporting, using file sharing and archaic publishing practices.
“Existing software and workflow tools do little to help fund complexes effectively satisfy the government’s disclosure and timing requirements and in fact, create additional headaches and unnecessary costs during reporting periods,” said David Curran, CEO of Data Communiqué. “In addition, these same tools and processes do not simultaneously allow all those involved to collaboratively create, edit, proof, publish and distribute either inside or outside the fund company in real-time.”
As every mutual fund executive in America is aware, the post-Enron era has ushered in a wave of unprecedented government scrutiny. Sarbanes-Oxley (SOX) has led to stringent accountability standards, as well as tough criminal penalties for those who go astray. Despite advancements and availability of new collaboration technologies, software tools and on demand printing, internal and external attorneys, auditors and accountants, graphic designers, printers and web developers still rely on word processing, spreadsheets and email for content creation, collaboration and the numerous review cycles that leave everyone tearing their hair out trying to reconcile comments, revisions and versions.
The paper untangles the reporting chaos while offering insight and best practices for compliant mutual fund reporting. The paper also suggests a systematic process for change to address stringent reporting requirements in the era of Sarbanes-Oxley scrutiny and for significantly reducing costs. The paper is available to individuals by visiting Data Communiqué’s web site at www.datacom-usa.com or for trade journalists by contacting Mark Bonacorso, Hayzlett & Associates at [email protected]