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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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