November 16, 2006
Taking a Risk-Based Approach To Internal Controls
As regulatory groups in the U.S. and Canada wrestle with how best to reduce the cost of financial compliance while maintaining effectiveness, we thought we should bring you this recently published article by Cathy Connally, a leading authority on financial compliance, on a top-down, risk-based compliance approach that was published in the October 2006 edition of The Bottom Line magazine. To go to the article - click here.
Her key points to reducing the cost of Internal Control over Financial Reporting (ICFR) compliance for SOX 404, or MI 52-109, can be summarized as follows:
Step 1 - Ensure executive commitment
Step 2 - Focus on entity-level controls
Step 3 - Scoping of financial accounts on a quantitative and qualitative basis
Step 4 - Mapping of key process to relevant accounts
Step 5 - Identification of process risks and controls
These steps above put your organization on a firmer footing to undertake the follow-on activities of testing, remediation, ongoing monitoring and sustainable compliance.
If your company must achieve SOX 404 compliance, or MI 52-109, and is based in the U.S. or outside of North America, please go to www.issuescentral.com or call 1.800.410.6681 ext 112, to learn more about how the Compliance Playbook(R) family of products can dramatically reduce the cost of ICFR initiatives.
If your company is based in Canada and must achieve either SOX 404 or MI 52-109 compliance, then please visit our exclusive Canadian distributor, Thomson Carswell, at www.compliancepartner.ca to learn more about the Compliance Partner(TM) line of products.
Her key points to reducing the cost of Internal Control over Financial Reporting (ICFR) compliance for SOX 404, or MI 52-109, can be summarized as follows:
Step 1 - Ensure executive commitment
Step 2 - Focus on entity-level controls
Step 3 - Scoping of financial accounts on a quantitative and qualitative basis
Step 4 - Mapping of key process to relevant accounts
Step 5 - Identification of process risks and controls
These steps above put your organization on a firmer footing to undertake the follow-on activities of testing, remediation, ongoing monitoring and sustainable compliance.
If your company must achieve SOX 404 compliance, or MI 52-109, and is based in the U.S. or outside of North America, please go to www.issuescentral.com or call 1.800.410.6681 ext 112, to learn more about how the Compliance Playbook(R) family of products can dramatically reduce the cost of ICFR initiatives.
If your company is based in Canada and must achieve either SOX 404 or MI 52-109 compliance, then please visit our exclusive Canadian distributor, Thomson Carswell, at www.compliancepartner.ca to learn more about the Compliance Partner(TM) line of products.
