The process documentation effort is the core effort for achieving a successful audit and running your business more efficiently and effectively. Each process includes a risk control matrix supported by a complete set of supplemental documentation including forms, checklists, procedures, and policies based on best-practices used successfully with all Big Four audit firms.
SOX Compliance Made Simple® Control Matrix & Results Examples
A visual dashboard that updates as changes are made provides a real-time view of the percentage of risks mitigated and statistics on project status and completion level.
The current list of available process cycles includes the following:
Financial Statement Close Process (FSCP)
Includes detailed closing procedures, journal entries, access controls, accruals, judgments and unusual items, reconciliations, related-party transactions, flux analysis, consolidations, disclosures, and financial reporting requirements.
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Entity Level
Includes controls surrounding the organization including integrity and ethical values, board of directors/committee responsibilities, management's philosophy and operating style, organizational structure, financial reporting competencies, authority and responsibility, financial reporting objectives, financial reporting risks, assessment of fraud risks, information technology, financial reporting information, internal control information, and ongoing and separate evaluations.
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Equity
Includes controls surrounding option granting, FAS123R, access controls, option terminations, employee stock purchase plans, issue/repurchase activities, stock exercising.
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Inventory
Includes controls surrounding inventory security, storage, and segregation, access controls, approvals, documentation, quality, costing reviews, counts, adjustments, returns and warranties, deliveries.
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Information Technology General Controls (ITGCC)
Includes controls surrounding system changes, system environments, development lifecycles, data security and restoration procedures, access controls, new/terminated user access, physical environments & security, third-party analysis.
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AP/Purchasing
Includes controls around all payment types and associated general ledger coding, check runs, access controls, vendor master file maintenance and bank statement reconciliation.
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AR/Revenue
Includes controls surrounding product pricing, assignment and maintenance of customer credit limits, access controls, customer master file maintenance, contract signing, order monitoring, shipping, customer postings, credit memo's and revenue recognition.
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AR/Revenue (Software)
Includes controls surrounding product pricing, maintenance of customer data, credit limits, access controls, contract signing, order monitoring, shipping, customer postings, credit memo's, revenue recognition (SOP 97-2) and vendor specific objective evidence (VSOE) review.
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Treasury
Includes controls surrounding investments and FASB 130 & SFAS 52.
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Tax
Includes controls surrounding review and approval of the tax provision, FIN 48, due diligence, sales & use obligations, Nexus, and transfer pricing.
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HR/Payroll
Includes controls surrounding hiring budgets, on boarding, access controls, employee master file maintenance, payroll, withholdings, employer contributions, benefits, and commissions.
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Foreign Currency
Includes controls surrounding FAS 52 compliance, currency translation and foreign currency exchange rates.
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Business Combinations
Includes controls surrounding mergers and acquisitions including due diligence, access controls, FASB 141 and FASB 142.
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Clinical Trials
Includes controls surrounding collaborations, internal and external cost allocations including manufacturing, site grants, inventory, alternate material usages, billable expenses, progress reports, milestone fee payments, accruals and insurance.
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Fixed Assets
Includes controls surrounding asset additions and depreciations, impairments, access controls, fixed asset tagging, disposals and counts, leasehold improvements and capitalizations.
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J-SOX
We have a complete library of best-practice processes & controls for J-SOX or Japanese Sarbanes-Oxley requirements.
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Non-Profit Organizations
All of our above processes are also available with customized, best-practice controls for non-profit organizations.