Ask FERF (financial executives research foundation) about ... Sarbanes-Oxley 404 solutions.As the deadline for Section 404 compliance gets closer, and most of the 404 testing is completed, many companies are likely focused on remediation of any internal control deficiencies. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with making control process improvements, many companies are now starting to think about how to sustain compliance efforts after year one. A partial solution to the sustainability question could come in the form of compliance software purchases. A report issued by Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
Based on a review of offerings conducted by Financial Executives Research Foundation (FERF FERF Financial Executives Research Foundation FERF Far End Reporting Failure FERF Far End Receive Failure ), most solutions should provide the ability to manage all steps of a compliance project. However, the following table focuses on features and functionality that may assist in vendor and product selection. This is by no means an exhaustive list or a recommendation. Vendors to consider in this space include: Certus (formerly Nth Orbit orbit, in astronomy, path in space described by a body revolving about a second body where the motion of the orbiting bodies is dominated by their mutual gravitational attraction. ), Paisley Paisley (pāz`lē), town (1991 pop. 84,330), Renfrewshire, W Scotland, on the White Cart Water, a stream. It has a thriving textile industry and is an extremely large producer of thread. Consulting, Open Pages and Grant Thornton's Business Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal .
Sarbanes-Oxley Section 404 Compliance Phases
DOCUMENTATION
Feature/Capability Function/Description
Framework integration * Gives the ability to integrate/import
internal control frameworks such as COSO and
COBIT, as well as frameworks provided by the
accounting firms or developed internally;
* Can be used for compliance with other
regulations, such as Basel.
Work flow documentation * Automates documentation of business
processes by accounts and locations;
* Provides adequate support for complex
audit or testing workflows, such as routing
purchase orders for electronic approval or
alerting management when shipments are late;
* Captures relationships between processes,
accounts, controls, risks and business
entities;
* Employs a flexible methodology that allows
control documentation by process or by
account.
Audit process automation * Promotes the use of electronic workpapers
through automated control documentation, but
provides the flexibility to include existing
and hard copy reference documents.
Data storage and retrieval * Provides sufficient storage, archiving and
retrieval capabilities for compliance
documentation.
TESTING
Testing automation * Facilitates design of internal controls;
* Evaluates operational effectiveness;
* Automates control and risk assessment
based on configurable criteria;
* Quantifies and ranks risks by
significance;
* Utilizes automated and advanced scheduling
of key compliance tasks;
* Manages audit plans and walk-throughs.
Gap identification * Gives users the ability to identify
internal control deficiencies or weaknesses;
* Provides the need to identify or develop a
mitigating control.
REMEDIATION
Action plan tracking * Monitors progress on issues and
remediation or correcting activities;
* Enables quick, efficient, automated and
secure communications between compliance
stakeholders (management, internal audit,
audit committee, process owners, etc.)
regarding test failures, overdue tasks and
open issues;
* Offers tailored view of status of control
environment and activities via business
reports and management dashboards;
* Reports on governance status and trends;
* Facilitates policy and procedure
development.
ATTESTATION
Management certification * Facilitates internal control and financial
statement attestation process through
automation of 302/404 certifications,
subcertifications and representation
letters;
* Automates 404 assertions and subassertions
by process or account.
GENERAL/OTHER
Scalability/consistency * Can be tailored to meet the needs of
companies of varying industries and sizes
(that may have few or many business units or
locations);
Adaptability * Easy deployment, allows wide adoption
across enterprise due to accessibility
through email or Web-based dashboards;
* Learning ease for end users;
* Manages multiple document formats and
types, including text, Excel, Visio and
scanned handwritten notes.
Cheryl Cheryl is a female given name and can refer to: In crime:
(networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. ), is Director of Research with FERF. contributed by FERF |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion