Woburn, MA -- (ReleaseWire) -- 04/11/2014 -- The leader in automating and simplifying SEC Conflict Minerals Reporting, Green Status Pro, and public accounting firm specialized in governance and compliance, Candela Solutions, announced today a collaborative agreement to deliver a comprehensive solution for SEC Filers, which includes a cloud-based software. The initiative is intended to design and automate the reporting process for those who are required to comply with Dodd-Frank Section 1502.
“Corporate executives are asking for the most cost-effective solution possible that meets the humanitarian objectives of Dodd-Frank Section 1502 and satisfies the requirements of the SEC Conflict Minerals Final Rule,” stated Ronald Kral, Managing Partner, Candela Solutions. “Audit committees, CEOs and CFOs are insisting that their corporation’s ongoing conflict minerals reporting process includes the necessary controls required for ensuring auditable results, a repeatable process, and SEC compliance.”
SEC Form SD for Conflict Minerals Reporting is required to be filed under Section 13(p) of the Securities Exchange Act by May 31st each year. Issuers file this report under the Act (15 U.S.C. 78a et seq.) and it falls under the scope of “disclosure controls” as defined by the SEC. A company’s CEO and CFO must attest quarterly that they are responsible for establishing and maintaining disclosure controls, and have evaluated the effectiveness of the disclosure controls. Failure to file a timely or accurate Form SD can harm the reputation of the company, as well as that of the certifying CEO, CFO, and the board of directors who is ultimately responsible for executive management oversight.
“Failure to file timely or appropriately can also trigger major issues, such as a class action lawsuit, from a plaintiff attorney arguing that investors were not provided adequate disclosures resulting in making investment decisions without consideration of all necessary and accurate information,” explained Mr. Kral.
“Filers are focusing on simultaneously preparing for independent private sector audits while lowering on-going costs,” added Robert Kasameyer, President of Green Status Pro. “Candela Solutions designs and implements the appropriate Conflict Minerals Reporting procedures and controls, including those necessary for meeting the SEC’s Due Diligence requirements, while Green Status Pro automates the process. Our customers obtain a Conflict Minerals reporting solution that meets the requirements of the SEC, investors, customers and consumer advocates with significantly lower annual operational costs than manual methods, and through a much simpler process.”
About Green Status Pro
Green Status Pro’s mission is to simplify the regulatory lives of operating managers by providing a knowledge-based solution to automate Due Diligence Reporting. Green Status Pro is the leader in automating and simplifying SEC Conflict Minerals Reporting as legislated by Dodd-Frank Section 1502, and the only cloud-based software service in the world that provides the knowledge base to document a firm’s OECD Conflict Minerals Due Diligence program and automate its RCOI reporting. An IBM Business Partner, Green Status Pro hosts its applications on IBM’s SoftLayer secure global cloud infrastructure. More information about Green Status Pro is available at GreenStatusPro.com.
About Candela Solutions LLC
Candela Solutions was founded as a public accounting firm in 2003 in response to a growing influx of SEC regulatory requirements and disclosures. The focus is on governance, risks, controls and compliance challenges for public and private companies considering going public. Education, advisory, support, and internal assurance services are provided by qualified personnel. Candela Solutions LLC is also registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education. More information and firm contacts can be found at CandelaSolutions.com.