ORLANDO, Fla. - Compliance automation is necessary in this day and age, but it's no way to shrink the bottom line, said experts speaking on the Investment Company Institute's Tax and Accounting Conference panel on using technology for compliance and disclosure.

More than a year into the Sarbanes-Oxley Act, firms are now looking past the first wave of simply meeting the requirements of the law and are now concentrating on retooling to leverage technology for compliance and disclosure in the most efficient ways. However, panelists here warned attendees of the pitfalls of focusing too much on trying to save a buck.

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