Microsoft release free Microsoft Office Business Scorecard Manager. These samples will get you up and running with Office Business Scorecard Manager 2005 using a sample Balanced Scorecard template. These samples do not connect directly to the database as they use fixed values.
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If your company looking for Compliance planning worksheet and RFP generator for continuous monitoring/auditing initiatives, then the Oversight System is offer you some free documentation that could be downloaded for free.
Oversight Systems is pleased to offer with our compliments a FREE copy of The Matrix Compliance Group’s planning worksheet and RFP generator for continuous monitoring/auditing initiatives. This powerful, easy-to-use tool incorporates the knowledge and experience of industry leaders to help you identify the best solution for your company’s specific continuous auditing needs. Please fill out the following information so that we may send you your copy.
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One could easily imagine a corporation that doesn’t look too bad on its first audit, but some material findings emerge related to SOX 404 issues [Security Control for SOX, Dennis C Brewer]. The company fixes some things and then gets audited by a different team capable of a more detailed technology audit, leading to more negative findings in audit year two. The company fixes the year-two findings only to be audited in year three by yet another more sophisticated team, and behold, more negative audit findings related to the quality of controls. After a scenario like that, Wall Street analysts may feel compelled to point out to the stock-buying public that company X seems to be having difficulty correcting its compliance issues, and they may downgrade the outlook for the company because it just can’t seem to get a grip on instituting the necessary controls. (more…)
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SOX consists of 11 titles, with each title having multiple sections.
Title I
Title I of SOX created a Public Company Accounting Oversight Board (PCAOB) that has extensive authority to regulate the auditors and audits of publicly held companies. The PCAOB is a nonprofit organization with strong ties to the SEC. Partial funding for the PCAOB comes from the SEC, the SEC has the power to appoint the PCAOB’s chairperson and members, and the SEC must approve all rules and standards established by the PCAOB. Only accounting firms that have been accepted for registration with the PCAOB will be allowed to prepare or audit reports for companies registered with the SEC. Approval for registration with the PCAOB is based on a detailed application that requires the accounting firm to provide information regarding its audit clients, internal quality control policies and procedures, accounting personnel, licensure, and financial standing. In addition, approved firms must agree to undergo periodic inspections and provide annual reports to the PCAOB. Additional funding for the PCAOB will come from fees paid by the registered accounting firms.
The PCAOB has the authority to establish standards and rules regarding the content of audits, the accounting firm’s internal quality control policies and procedures, and the length of time that documents related to an audit must be retained. While the PCAOB does not have the direct power to set accounting standards, a separate accounting standards organization will develop the standards that the PCAOB will use. (more…)
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At the beginning of the twenty-first century, the U.S. market and its investors were stunned by a string of corporate and accounting scandals. For several years, the Enron Corporation, an energy company, participated in a number of partnership transactions that lost the organization a substantial amount of money. In 2001, Enron reported that it had failed to follow generally accepted accounting practices in its financial statements for 1997 through 2001 by excluding these unprofitable transactions. In these erroneous financial statements, the organization reported large profits when, in fact, it had lost a total of $586 million during those years. Neither internal nor external controls detected the financial losses disguised as profits. The revelation of the erroneous financial reporting led to a collapse in the price of Enron stock. The price of Enron stock fell from $83 per share in December 2000 to less than $1 per share in December 2001. However, some of Enron’s managers made millions of dollars by selling their company stock before its price plummeted. Other investors experienced substantial losses, including Enron employees who had invested a large portion of their retirement portfolios in Enron stock.
Role of Arthur Andersen LLP The CPA firm of Arthur Andersen LLP, which had been one of the largest accounting firms in the world, served as Enron’s auditor throughout the years of erroneous statements. The firm allegedly “overlooked” Enron’s questionable accounting practices since it was making a large amount of money for providing Enron with consulting services and did not want to lose the consulting business. The firm was indicted by the U.S. Department of Justice, and in 2002, Arthur Andersen LLP was convicted of obstructing justice for shredding Enron-related documents requested by the SEC. (more…)
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