Analysts at Butler Group have warned that making their IT systems compliant with the government’s proposed Companies Bill could costs businesses millions. Like the Sarbanes-Oxley Act in the US, the Companies (Audit, Investigations and Community Enterprise) Bill is intended to overhaul company law in the wake of high profile corporate accounting failures such Worldcom, Enron and Parmalat. The bill will lay down strict rules on accounting and auditing practices, and will attempt to make business processes more transparent to shareholders with the introduction of regular OFRs – operational and financial reviews. When the bill becomes law this will have wide ranging effects on the way organisations conduct their business. The requirement to keep more detailed records of business processes and[…]