|
|
Perform preliminary planning and scoping using
VISUAL Assurance™
Planning and Scoping Matrix. Obtain prior ongoing agreement
on proposed scope and timing of the SOX project from project
sponsor, executive management, audit committee, internal audit
and the independent public accountant (a critical success factor)
|
|
Step
2
|
Capture
in VISUAL Assurance™ all "Reporting Entities" (subsidiaries,
business units, etc.,) required to be consolidated into listed
company's 10-K |
|
Step 3
|
Load
relevant VISUAL Assurance™ customizable enterprise, company
and activity level control templates - linked to "What Can
Go Wrong Scenarios" and "Relevant Financial Statement
Assertions" for all "Significant Accounts and Disclosures"
required to be consolidated into listed company's 10-K |
| Step
4 |
Assign
relevant "Control Assessments" to each "Reporting
Entity" as appropriate, and customize and supplement, as
required. Establish access rights and completion deadlines for
SOX project team |
|
PHASE
2
Step
5
|
Assess
current state, document critical processes, assess "effectiveness
of control design" (Gap Analysis) and design and implement
solutions for control gaps (agreed Action Plans) |
|
PHASE
3
Step 6
|
Validate
and test "effectiveness of control operation". Implement
agreed remediation. Communicate results. Facilitate timely completion
of the independent public accountant's attestation process
|
|
PHASE
4
Step 7
|
Ongoing
assessment, testing, remediation and improvement on a quarterly
basis in year following initial annual assessment - to maintain
ongoing control operational effectiveness at any point in time
|
|
Step 8
|
Ongoing
assessment of timely fulfilment of expectations of executive
management, internal audit, audit committee, internal and external
legal counsel and independent public accountant
|
