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SOX Compliance

The U.S. Sarbanes-Oxley Act of 2002 requires CEOs and CFOs of SEC listed companies to make periodic certifications on whether financial statements are true, complete and fairly stated. In addition, it requires management to evaluate and report their conclusions on the effectiveness of the company’s control procedures.

To comply, CEOs and CFOs need a process to determine their confidence in the effectiveness of the company’s systems of control. The process also needs to be acceptable to the external auditors who will be required to attest to management’s assessment of internal controls over financial reporting.

Section 404 is a subset of Section 302 and addresses Financial Statement Reporting controls

Under 404, CEO and CFO must:

Issue Internal Control Report in 2004 Company Annual Report

Certify Quarterly as to effectiveness of Internal Controls over Financial Reporting beginning 2005

Management's Sox 404 Responsibilities

Effective Year End 2004 CEO & CFO must include a report in the Annual Report indicating:

They have designed and maintained a system of internal controls for financial reporting using a recognized internal control framework

They have tested internal controls and found them to be designed and operating effectively
The Auditor has evaluated the design and effectiveness of the controls and found them to be operating effectively

Effective Q1 2005, CEO and CFO must certify quarterly that there are no significant changes to internal controls for financial reporting using a recognized internal control framework.

We can review your IT, ERP and related controls in respect to Financial Data disclosure, management and Integrity. COBIT framework is used to map best practices for SOX compliance.


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