Download e-book Sarbanes-Oxley Ongoing Compliance Guide: Key Processes and Summary Checklists

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Choice of governance regime

Other countries are developing similar legislation so the books value is international in scope. SOX is a hot topic and the effects are just beginning to be felt world-wide.

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This new book goes beyond the implementation phase of SOX and looks at the reaction to the Act in terms of costs, benefits and business impacts. Mike Holt presents a comprehensive review of the impact that Sarbanes-Oxley legislation has had on business, the financial community, governments and the public since its inception in The Sarbanes-Oxley Act has been somewhat successful, but not completely and the cost well over a trillion dollars might be considered too high a price to pay for the gains.

Leadership. Management. Compliance.

This book takes a hard look at the costs, benefits and other impacts as well as at what influential and prominent financial, government and business leaders think about it now. It is international in scope and content and includes interviews with prominent business leaders, CEOs and CFOs of large and small corporations. It covers the reaction of business and government to this legislation, what it is costing and how the effects are penetrating through the business environment.

Sarbanes-Oxley Act of Subject United States. Bibliographic information. Publication date ISBN pbk. Browse related items Start at call number: KF H Librarian view Catkey: Even the reporting structure for many heads of credit departments now is either directly or indirectly reporting to the CEO or CFO. Here are a number of questions that can help you with this process: Are your credit decisions likely to be subjective? Can your policies be inconsistently applied across departments, locations, or divisions? Do your decisions lack insufficient justification and rationale? Are your conclusions reasonable?

Are accounts regularly reviewed to truly reflect the current state of your receivables portfolio?

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Is your bad debt reserve reliably forecasted? Is your process of auditing data manual? Is the data difficult to compile? There are many software systems that can provide the framework for more efficient credit processes, especially for credit risk identification and assessment.


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The goal of most is to enable objective decision making along with reporting to support compliance. Make the Right Decisions With Consistency Today, credit professionals must make on-the-spot decisions accurately. Credit scoring can assist your organization by quickly transforming your raw credit data into intelligent, reliable day-to-day decisions. Not only do you have greater control over your credit decisions, but you also simplify the process of validating decisions for Sarbanes-Oxley compliance with your auditors. Keep in mind: If you only rely on manual reviews of credit reports, you will still be prone to inconsistent decisions and get little Sarbanes-Oxley compliance support.

How do you determine the quality of your receivables portfolio? Historically, most credit executives used the Days Sales Outstanding DSO figure to measure the quality of their accounts receivable. This assumes, of course, that customer payment trends are related to risk.

Actually, how a customer pays your firm is often a poor indicator of risk. Many high-risk customers pay promptly or within acceptable terms. Conversely, low-risk customers often are given longer terms to accom modate special inventory programs.

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If this is true when evaluating a single customer, it is also true when evaluating all of your customers. In addition, performing regular on-going account reviews and credit line re-evaluations also becomes mandatory to reflect the current portfolio condition.

With an automated credit scoring system, portfolio reviews can be run in seconds. Reporting tools can help you efficiently identify accounts requiring immediate attention and isolate accounts requiring intervention in the risk review process. Document Decisions for Straightforward Audit Process If you have implemented a good system, you will have the evaluation process under control and can quantify the true value of the portfolio.

We have all heard the stories of how individuals or teams are spending time just compiling reports rather than performing value-added duties. You might try to rely on Word and Excel files to document internal controls, but that approach would generate hundreds of files. It may be fine for the first year of compliance.

The Sarbanes-Oxley Act : costs, benefits and business impact in SearchWorks catalog

But on an ongoing basis, it will be difficult to maintain controls using those products. This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. The cost of complying with s impacts smaller companies disproportionately, as there is a significant fixed cost involved in completing the assessment. The requirement is that a company's published annual report should include an internal control report of management that contains:. This will include reference to the fact that an effective system of internal control is the responsibility not just of the CFO but the CEO and the senior executive team as a whole.

The assessment must include disclosure of any material weaknesses in the company's internal control over financial reporting identified by management.