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Overview
Fully revised and updated
A step-by-step approach for planning and performing an assessment of internal controls
Thoroughly revised and updated, How to Comply with Sarbanes-Oxley Section 404, Third Edition brings practical clarity to a complex topic, providing a comprehensive, logically structured approach to effective testing and evaluation of internal controls within your company. Informative and clear, this refreshingly readable book demonstrates author Michael Ramos's deep understanding of the technical 404 requirements and contains the most pertinent updates and important SEC and PCAOB releases.
The Third Edition helps CFOs, auditors, corporate managers, and consultants knowledgably interpret and conform to Sarbanes-Oxley Section 404 compliance and features:
- Clear, jargon-free coverage of the Sarbanes-Oxley Act and how it affects you
- Examples and action plans providing blueprints for implementing requirements of the Act
- Easy-to-understand coverage of the requirements of SEC, PCAOB, and COSO guidance
- Discussion of the requirements for assessing internal control effectiveness
- A look at how the new guidance will reduce your costs
- In-depth explanations to help professionals understand how best to approach the internal control engagement
- Practice aids, including forms, checklists, illustrations, diagrams, and tables
This area of auditing and corporate governance will continue to evolve and bring about business and cultural change. How to Comply with Sarbanes-Oxley Section 404, Third Edition is your must-have, must-own guide to SOX 404 implementation and an effective tool and reference guide for every corporate manager.
Synopsis
Effective in 2004, as a result of Section 404 of the Sarbanes-Oxley Act of 2002, all public companies will be required for the first time to submit an annual assessment of the effectiveness of their internal control to the SEC. Additionally, each corporation’s independent auditors are required to audit and report on management’s internal control reports, just as they audit the company’s financial statements. How to Comply with Sarbanes-Oxley Section 404 provides a comprehensive, practical, and structured approach for the testing and evaluation of internal control required by Sarbanes-Oxley Section 404.
Drawing on original material by an expert in auditing and accounting, How to Comply with Sarbanes-Oxley Section 404 features a step-by-step process for evaluating a company’s internal control and proving these systems are effectively in place. This hands-on resource is packed with such practice aids as forms, checklists, illustrations, diagrams, and tables to assist anyone who participates in the planning or performance of an evaluation—including CFOs, internal auditors, and outside consultants.
Clearly and logically organized to make the material as accessible as possible, How to Comply with Sarbanes-Oxley Section 404 covers:
- Management’s required assessment of the entity’s internal control
- Considerations for outside consultants
- Controls over information technology systems
- Coordinating with independent auditors
- Documenting your planning decisions
- Hard-to-test entity-level control objectives
- What auditors expect from management’s evaluation process
- Documentation: what it is…and is not
- Assessing the adequacy of existing documentation
- Internal control reliability model
- Evaluating the design and implementation of Sarbanes-Oxley automated compliance tools
- An action plan for testing and evaluating entity-level controls
- Operating effectiveness: test design considerations
- Annual and quarterly reporting requirements
- Expanded reporting on management’s responsibilities for internal control
- Example disclosures of a material weakness
- Example reports on management’s responsibilities for reporting and internal control