Here is a review of some of the solutions out there:

http://nwc.securitypipeline.com/howto/showArticle.jhtml?articleId=18901525&pgno=1

There is a pretty comprehensive list of security checks at http://www.appsecinc.com/cgi-bin/show_policy_list.pl?app_type=1&category=6

Another alternative is DbEncrypt.

http://www.appsecinc.com/products/dbencrypt/

Encryptionizer and DbEncrypt cost more because they provide significantly more functionality, support, etc... Consider the cost of the development and support effort that will surround building...

http://www.appsecinc.com/products/appdetective/mssql/pentest.html

http://www.appsecinc.com/products/appdetective/mssql/audit.html

Most thorough checklists out there.

you can find white papers and tools to help you here:

http://www.appsecinc.com/techdocs/whitepapers.html#manipulate_mssql_wp

http://www.appsecinc.com/resources/freetools/

http://www.appsecinc.com/products/appdetective/webapps/