Title Slide www.ProWorksInfo.com. ProWorks for Sarbanes-Oxley (SOX) Compliance.

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Presentation transcript:

Title Slide

ProWorks for Sarbanes-Oxley (SOX) Compliance

Introduced as a result of corporate failures such as Enron, Tyco, WorldCom….. to restore investor confidence in companies Sarbanes Oxley Act of 2002

SOX Key Requirements Corporate Management Must Certify: Internal Controls: –Exist –Are Periodically Tested Deficiencies are Disclosed Control Changes Reported; and Financial Statements are Accurate

SOX Key Requirement Annual report (10K) must contain a report from management on internal controls

Definition of Internal Control Process effected by a company’s board of directors, management and other personnel that drives business success in three categories: –Reliability of financial reporting –Effectiveness and efficiency of operations –Compliance with laws and regulations Efficiency & Effectiveness of Operations Reliability of FinancialReporting Compliance with Laws / Regulations

Control Self Assessment Your Role: –Design: Effectiveness of controls –Operation: How the control was applied

What Does Your Company Need? A documented internal control structure that includes all relevant policies, procedures and operating principles A structure that is: –robust –designed to be kept current and cost effective

What Does Your Company Need? An infrastructure that: –Facilitates management’s confidence –Supports monitoring the completion of applicable control procedures on a real-time basis –Can be tested

Layers of Testing Self Assessment Done locally Management Assertion As instructed by Headquarters/Parent Company External Auditor Attestation ProWorks can help with all 3 layers of testing!

How ProWorks can help –What is it / What can it do Initially developed for Manufacturing Process Control & Maintenance Can be leveraged for Accounting Process Control to meet SOX testing requirements

SOX & ProWorks 1.Work Instruction 2.Evidence of Control 3.Evidence of Management Review

SOX Company’s Policies/Procedures and Processes ProWorks *Created: One time for all sites Site A * Site B * Site C *

An Example of a Company’s Key Processes Accounts Receivable/Revenue Consolidation/Financial Reporting Inventory/PurchasingDebt/Treasury Fixed AssetsInsurance Cash Management Long- Lived Assets – Goodwill Intangibles, etc. Information TechnologyHR – Payroll/Benefits Taxes – Deferred/Provision Acquisitions and Dispositions

Step 1: Define Controls Step 2: Develop control testing Step 3: Develop procedures

Step 4 : Setting it up in ProWorks Begin by Developing Universal Templates

Create Universal Steps to Document & Test Compliance Step 4 : Setting it up in ProWorks

Develop (or Revise) Tests Unique to the Business Unit

Step 4 : Setting it up in ProWorks Assign Tasks to specific staff members

Step 4 : Setting it up in ProWorks Approve and Release Templates

Step 5: Perform test in ProWorks Step 6: Management review