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No matter where your company operates, its measurement systems will be subject
to laws, standards, regulations and possibly to partner agreements.
CEOs/CFOs are accountable for all reported financial data. If your company is
affected by the Sarbanes-Oxley act or similar legislation then multi-million
dollar penalties and long jail sentences are consequences for company
executives who flout the act.
Financial data does not exist solely in the finance department. For oil and gas
companies, data that impacts reported figures is found in the flow measurement
and reporting systems.
The challenge of Sarbanes-Oxley is to ensure effective internal controls and
transparency. Control must be maintained by someone who can merge his/her
knowledge of the big picture, with his/her technical expertise in the
measurement and reporting system. A typical accounting auditor does not have
the technical background necessary to set up an effective internal controls
system for the measurement reporting systems or to ensure correct
datavalidation. METCO does.
So if you want to rest easy with regard to your compliance, let METCO audit and
develop your measurement systems. |