Archive for May 19th, 2008

Significant Deficiency, simple scenario at SOX audit

The company processes a significant number of routine intercompany transactions on a monthly basis. Individual intercompany transactions are not material and primarily relate to balance sheet activity, for example, cash transfers between business units to finance normal operations.
A formal management policy requires monthly reconciliation of intercompany accounts and confirmation of balances between business units. However, […]

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