Sarbanes Oxley Compliance Implementation Methodology

ePM3SOx provides a comprehensive compliance assessment and monitoring evaluation solution, intended to put compliance assurance at the finger tips of individuals responsible for performing the audit and risk assessment. Once a process is mapped, controls and risk are assessed, the user can instantly publish the risk matrix, the process flow charts (to Visio), narratives to Word and/or HTML in an easy to understand format.

The implementation of ePM3SOx consists of the following stages with some of the activities listed:

Stage 1: eProcessManager® & SOx Compliance Overview and Scoping Including:

  • Review of applicable sections
  • Steering commitee training on eProcessManager®
  • Define project objectives - Identify the key business cycles
  • COSO Framework review
  • Establishing and determining COSO criteria and boundaries
  • Identify resources available (process owners, management team, internal audit and other staff)

Stage 2: Develop Project Plan Including:

  • Finalize project goals and objectives
  • Project scope and charter with roll-out strategy
  • Review of compliance deadlines and schedules
  • Business cycle and key process review
  • Controls environment evaluation and review
  • Review of existing processes and key financial reporting elements
  • Internal audit review - current resource review

Stage 3: Document Foundation Including:

  • Depict current and critical processes
  • Idenify control Objectives for cycles and key processes
  • Identify risks, impact and assessment model
  • Idenify existing control activities and control environment
  • Develop sign-off strategy (process owners, management and internal audit)

Stage 4: Project Implementation Including:

  • Develop and document test plans and schedules
  • Review project alerts and notifications
  • Establish monitoring capabilities
  • Execute communication model

Stage 5: Implement Communication and Tool Integration Including:

  • Management and audit reviews
  • Implementation of financial, disclosure, and workflow tools
  • Identify Key control that can be automated - review value
  • Implement new technology controls
  • Review other uncovered improvement initiatives - review value
  • Continue to execute improvement model
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