Chief Audit Executives (CAEs) can use this checklist to examine their IT control framework to ensure the organization has addressed all control elements. The checklist can help the CAE understand the issues and plan for full internal audit coverage of the control areas.
Popularity: 23% [?]
Financial Literacy
All members of the committee are “financially literate.” If not, lack of literacy is due to recent appointment to the committee, and appropriate steps are planned and underway to develop literacy.
Financial Expertise
At least one member has accounting or related financial management expertise.
The board has determined whether at least one committee member meets the definition adopted by the SEC of an “audit committee financial expert.” The name of the “audit committee financial expert” is disclosed in the proxy. If more than one committee member meets the definition, the board considers whether to name more than one person in the proxy.
Popularity: 28% [?]
Download Process Integration Checklist. The purpose of this checklist is to facilitate the merging of company subsidiary divisions and their duplicate processes. Included are guidelines for this facilitation process and topics to address during scheduled meetings.
Popularity: 13% [?]
The purpose of this checklist is to document the activities performed as part of the monthly financial close process at a company. For each step covered in this checklist, users are encouraged to document the responsible person, date due, and whether the task has been completed and reviewed. This tool has been updated to include additional general financial close procedures and steps related to recording fixed assets.
Financial areas addressed in this checklist include:
- General Close Procedures
- Cash
- Investments
- Accounts Receivable
- Prepaid Expenses
- Other Current Assets
- Fixed Assets
- Accumulated Depreciation and Amortization
- Other Assets
- Goodwill
- Intangible Assets
- Accounts Payable
- Accrued Expenses
- Capital Lease Obligation
- Other Current Liabilities
- Equity
Popularity: 27% [?]
There are a lot of definitions of IT risk, below is the definition of IT risk from Sarbanes Oxley perspective. But, before let you know that every business venture is basically risky. In new business ventures and new product development, there are unknown factors and their impacts on the venture are equally unknown. The unknown factors could be favorable or unfavorable. There is a probability that one may either gain or lose. However, a loss may hurt the venture. Here are some of the definitions:
1. Risk is the probability of suffering loss.
A refinement of this definition is to include goals, gains, or opportunities in the statement. Perhaps it is implied and obvious that risks are connected with gains. Nevertheless, if risks are divorced from the associated goals, then one sees just a set of problems. A risk list should not be reduced to a problem list. Risks have a much broader role to play. (more…)
Popularity: 6% [?]
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