Sarbanes Oxley Compliance
A Checklist for Evaluating Internal Controls (Summary)
Companies today are immersed in audits of their internal controls and financial processes in an effort to comply with Section 404 of the Sarbanes-Oxley Act (SOX). According to the META Group, many organisations – including some that are not subject to SOX – are using these reviews to enhance internal controls, implement best practices, and improve business efficiency.*
Computron Professional Services can help in your SOX evaluation. As part of our Corporate Governance Site Review program, our team analyzes the business processes surrounding the use of your Computron applications and identifies ways you can mitigate risks by using your Computron systems more effectively. Included here is the checklist that our team uses in a Site Review when evaluating the payables and purchasing processes, accounts receivable, collections and cash management processes and general ledger and financial reporting processes.
The first column lists a generic business risk and the second lists internal controls available within Computron systems that mitigate these risks.
The checklists are not intended to be all-inclusive. We have highlighted controls that we believe are relevant to SOX compliance, focusing on those that relate to the authorisation and accurate recording of transactions and the use of this data in preparing financial statements.