High-profile business failures following 2001 called into question the self-regulatory and audit processes among public companies. Legislation to address shortcomings in financial reporting was progressing in Congress following the fall of Enron, and the sudden collapse of WorldCom guaranteed swift congressional action. On July 30, 2002 President Bush signed into law the Sarbanes-Oxley Act of 2002, the most significant legislation affecting the accounting profession since 1933.

This legislation brought uncharted waters for financial managers, especially in the areas of reporting and audit practices.

Audit Kraft Software, which has been in use since the early 1990s, has undergone extensive enhancements between 2002 and its new release in 2006 in order to assist large company financial managers with Sarbanes-Oxley compliance.