In 2002, the Sarbanes-Oxley (SOX) Act legislation ushered in a renewed focus on corporate compliance by requiring that organisations provide quarterly and annual reports certifying the accuracy of their financial statements. The SOX Act was designed to increase transparency in financial reporting and standardise a system of internal checks and balances.
SOX Section 404 requires organisations to have an external audit performed to assess and report on the effectiveness of internal controls.
SOX Section 302 requires an organisation’s CEO and CFO to assert the integrity of the key controls that influence their financial statement reporting on a quarterly basis.
Prior to the officers signing, certification requests are sent to process or control owners in various departments within the organization. This approach helps to assure signing officers that key internal controls over financial reporting are operating effectively across all departments, and provides them with the confidence they require to sign the 302 quarterly certifications.
HighBond by Galvanize can help simplify SOX 404 implementation and automate SOX 302 certification.
Program setup & management
- Align to COSO 2013 Internal Controls Framework.
- Manage your process-risk-control library.
- Create SOX templates for consistency and reusability.
- Model your entity structure.
- Rationalise and harmonise controls to reduce unnecessary work.
Testing & documentation
- Get a control portal overview by SOX team and process or control owner.
- Collaborate on PBC Requests and self-assessments.
- Make walk-throughs and testing simple, and easily link documented evidence.
- Manage issues lifecycle end-to-end.
Certification & Reporting
- Dynamically test controls with robotic automation.
- Monitor process performance.
- Streamline 302 certification, testing, and reviews.
- Create dashboards for PMO status and entity or issue reporting.