SARBANES-OXLEY
ONGOING COMPLIANCE
- Beyond Year
One with Governance
All you need to plan, develop and implement a cost-effective Sarbanes-Oxley Compliance Program for ongoing and sustainable compliance beyond Year One
Your organization has accomplished
a major milestone by meeting the first year Sarbanes-Oxley Act compliance. However, it is
no time to relax. Unlike the Y2K effort,
sections 302 and 404 of Sarbanes-Oxley clearly mandate that compliance is not a one-time
affair but an ongoing process.
Considering the huge amount of work
involved in the initial compliance program to try to meet the requirements of Sections 302
and 404, chances are that your organization:
– Focused primarily on meeting the
initial deadline with a project oriented mindset as opposed to developing a sustained
program for repeatable and sustainable compliance.
– Concentrated mainly on the
financial reporting aspects – Only one of the three major objectives of the COSO
internal control framework.
– Overlooked the operations
effectiveness and efficiency aspects of internal control which involves corporate
governance that would enhnace financial integrity and could provide business benefits and
an ROI
– Did a great deal or experimentation
just to reach the initial compliance without regard to developing recurring methodologies
and standards to sustain compliance.
– Incurred a great deal or time and
resources to simply achieve the first year compliance when this level of expenditures
would not be acceptable in a recurring and sustainable compliance mode.
– Had to resort to triaging to
address the highest risk financial and business processes, which implies that there remain
areas of significant exposure that require new or additional compliance work.
Many companies that have filed the
first CEO certification have already been found deficient in internal control by their
external auditors and the S.E.C. In some cases
their stock value has dropped as a result. Your enterprise needs to embark upon a new
compliance program that is designed to achieve sustainable,
repeatable and ongoing compliance leading to produce a structured,
sustainable process for future compliance.
Furthermore, your organization this
time must explore the benefits of extending the scope of purely financial compliance
efforts to include corporate or enterprise governance
issues that will yield both sounder financial compliance and business operations
improvements and savings. The
latter will support a far more robust compliance and automate the collection of
information to facilitate and reduce the cost of conducting the compliance process, thus
providing a positive return on investment that will help you justify the new investment in
compliance resources.
This unique practitioner’s
manual provides you with a framework, approaches and a detailed plan of action to develop
your program to achieve ongoing and sustainable Sarbanes-Oxley compliance to handle the
compliance burdens of future years in a cost-effective manner. The new program is aimed to
reduce the recurring cost of compliance from internal personnel and the indepenedent
auditor's attestation work and achieve cost benefits through including enterprise
governance provisions that improve business operations effectiveness.
CONTENTS
1.
Your Sarbanes-Oxley Compliance Hurdle Is Far
from Over
2.
Life
After the Initial Compliance Deadline
3.
What
You Should Consider in Developing an Effective Ongoing Compliance Program
4.
Compliance and
5. Plan of Action for Ongoing and Sustainable
Sarbanes-Oxley Compliance (70
pages)
Appendix
A. References
B. Glossary
C. Considerations in Managing Sarbanes-Oxley compliance program Changes
D. Index
8 ½ x 11 format
Prepaid Price: $150
per copy plus $10 for
priority postage and handling in US - Add $40 for overseas air post
ISBN 0-940706-660
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