Complying with Sarbanes-Oxley Section 404: A Guide for Small by Lynford Graham

By Lynford Graham

A step by step process for making plans and appearing an evaluate of inner controls

Filled with particular counsel for small-business compliance to SEC and PCAOB requisites on the subject of Sarbanes-Oxley 404, Complying with Sarbanes-Oxley part 404: A consultant for Small Publicly Held Companies provide you with particular counsel on operating with auditors to accomplish advantages and value reductions.

This sensible consultant is helping you knowledgeably interpret and comply with Sarbanes-Oxley 404 compliance and features:

  • Clear, jargon-free insurance of the Sarbanes-Oxley Act and the way it impacts you

  • Links to present assistance online

  • Specific assistance to businesses on tips on how to paintings with auditors to accomplish merits and price reductions

  • Coverage of IT and IT common controls

  • Examples and motion plans supplying blueprints for imposing requisites of the act

  • Easy-to-understand assurance of the necessities of the SEC and PCAOB

  • Discussion of the necessities for assessing inner keep watch over effectiveness

  • A examine how the hot assistance will decrease your costs

  • In-depth reasons to aid pros know the way top to process the interior keep an eye on engagement

  • Practice aids, together with types, checklists, illustrations, diagrams, and tables

Continuing to conform and convey approximately company and cultural swap, this sector of auditing and company governance is demystified in Complying with Sarbanes-Oxley part 404: A consultant for Small Publicly Held Companies, your must-have, must-own consultant to SOX 404 implementation and an efficient software and reference advisor for each company manager.

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Additional info for Complying with Sarbanes-Oxley Section 404: A Guide for Small Publicly Held Companies (Wiley Corporate F&A)

Sample text

1 is a chart from the SEC 8810 guidance (page 24) indicating the relationship between misstatement risk and the required evidence. While auditing principles for private entities accept the concept of rotation of controls testing over no more than three years,6 the SEC makes clear that a formal rotation of areas is not considered appropriate in public company controls assessment; however, it is acceptable and encouraged that testing of controls may vary in intensity from period to period. Management should evaluate evidence of the operating effectiveness of ICFR.

EFFECTIVE BOARDS AND GOVERNANCE Entity governance structure is also an element of the control environment. Many organizations today, not just public companies, form boards or audit committees to oversee the entity as a control over the possible myopia of management. The effectiveness 36 Complying with Sarbanes-Oxley Section 404 of boards varies widely, and some companies are notorious for selecting board members based not on business acumen but on their likelihood to support the objectives of senior executives.

6 describes this risk assessment process. Note that steps 1 to 4 are part of the risk assessment control component, while steps 5 and 6 are elements of an entity’s control activities. Again, what is important is not which control component an individual element “belongs to” but how it relates to internal control taken as a whole. OBJECTIVE SETTING The COSO Framework considers objective setting (and therefore the risk assessment process) at both the entity level and the business process activity level.

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