The advent of Sarbanes-Oxley Section 404 (SOX) has had a profound impact on the role of the chief financial officer. In the first years of its implementation, CFOs had little time to pore over strategic business plans or roll up their sleeves with the rest of the executive team to chart their company's future. Instead, the stringent demands of SOX that corporations monitor and report on the effectiveness of their internal accounting and reporting controls had a significant impact on the CFO's day-to-day work and responsibilities. SOX compliance required an enormous time commitment just to maintain adequate controls. But today, after three years, CFOs once again realize that pure number-crunching need not define the scope of their jobs. Business scandals and tales of corruption no longer plague the headlines. Enron and WorldCom are now cautionary tales, albeit important ones. Most important, companies have a handle on 404. Corporate America is moving on-and so are CFOs. With investor and employee confidence back where it should be and with three years of SOX practice behind them, CFOs are starting to see beyond 404. By making accounting functions and SOX compliance more efficient and automated, CFOs are able to again focus on strategic business decisions and the unique perspectives they bring to the table. For more on this, see the August issue of Oil and Gas Investor. For a subscription, call 713-260-6441.

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