Using a Risk Based Approach to reduce Sarbanes-Oxley 404 Compliance Costs
Duration: 1 Hour
The general consensus following Year One of SOX compliance is that, for many companies, the costs associated with SOX 404 compliance are too high. The Public Company Accounting Oversight Board (PCAOB) has determined that a large portion of the excessive costs can be attributed to compliance processes and audits that are not as effective or efficient as intended. In many cases, companies and auditors are documenting and testing too many financial reporting processes and related controls.
There are several ways to lower the cost of SOX compliance including improved training, streamlining SOX processes and automating controls, but implementing a risk-based approach to establishing scope and testing strategies will have the largest impact on ROI.
In this webinar, presenters will discuss best practices and methodology to support a risk-based approach to testing the effectiveness of internal controls and how leading companies are reducing their cost of compliance by:
- Identifying the important processes that generate or affect material accounts
- Using risk ratings to determine the controls in scope
- Streamlining testing frequency and sampling based on the risk-based analysis
Panelist(s) Info:
Santu - Manager - Business Development (SOx/ GRC Solutions)
Sudeep - Manager - Business Development (SOx/ GRC Solutions)
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