Solution Paper: “Achieving Sustainable Sarbanes-Oxley S404 Compliance”
With most companies now having experienced at least one round of Sarbanes-Oxley
Section 404 (S404) audit and compliance reporting, the general experience
is overwhelmingly that despite the considerable resources committed, S404
compliance processes are manifestly complex and unsustainable into the
future.
Whilst second year S404 compliance programs have generally benefited
from the existence of control documentation created during the first year
programs, without a sustainable compliance model in place, control testing
will remain punitively burdensome and costly.
Corporations must now seek out an affordable, efficient and effective
model for the management of internal controls and their periodic assessment
and audit. The good news is that with control documentation and testing
processes freshly defined and thus largely current, there is a window
of opportunity to pursue a state of sustainable S404 compliance. Failure
to systematize control maintenance and remediation and to automate assessment
processes, will commit the corporation to substantial ongoing costs, control
ineffectiveness and extensive challenges in satisfying S404 audits.
Leaders4 from 80-20 Software is unique amongst S404 solutions available
today. Not only will it enable corporations to utilize existing control
documentation as the basis of an effective S404 management model –
it leverages a unique risk based methodology which recognizes that the
cost and effort of control testing must be proportional to the identified
control risk. Leaders4 provides a versatile, efficient and sustainable
S404 management model capable of:
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Dramatically reducing the cost of S404 compliance. |
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Driving a culture of compliance accountability and awareness
down throughout the corporation. |
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Substantially reducing external audit costs whilst fostering
strong trusting relationships with the Auditors and the SEC. |
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Simplifying and improving the surety of processes associated
with management certification of quarterly and annual financial
statement. |
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Driving ongoing compliance risk management and audit planning. |
This solution paper details how you can achieve sustainable S404 compliance
by adopting a risk based top-down, bottom up model for the assessment
of financial controls, based on control risk. Following a proven deployment
methodology and harnessing the outputs of manual S404 compliance and certification
efforts, Leaders4 from 80-20 Software provides a complete sustainable
S404 compliance solution and allows you to achieve 100% annual control
coverage while potentially halving the overall cost of your control testing
program.
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the solution paper
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