Currently, at KYLOD there is an ongoing effort to transition its aging finance and accounting system to the newer and robust Accurate Financial Reporting System which will allow KYLOD to more easily meet the requirements of the Sarbanes-Oxley (SOX) Act.

With the implementation of the Accurate Financial Reporting System being expected in approximately 6 months there will be a requirement from the programming team to implement features into the aging system to allow the recording electronic recording more detailed reports. Bookkeepers and accountants have been forced to use a manual ledger to record details that are not able to be included with the old system to meet previous reporting requirements. One additional possible unattended consequence will be that during the implementation phase of the Accurate Financial Reporting System there may be slight delays to add in any of the required financial reporting that may not have already been included in the COTS software.

The implementation of the Sarbanes-Oxley (SOX) Act has created a need for detailed financial reporting at KYLOD.