http://www.sarbanesoxleyfocus.com Section 404 Information Technology Focus Wed, 09 Jul 2008 03:58:16 +0000 http://backend.userland.com/rss092 en A fundamental element of internal control is the segregation of certain key duties. The basic idea underlying segregation of duties is that no employee or group should be in a position both to perpetrate and to conceal errors or fraud in the normal course of their duties. In general, the ... http://www.sarbanesoxleyfocus.com/download-sample-sox-segregation-of-duties-matrix/ 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 ... http://www.sarbanesoxleyfocus.com/download-monthly-financial-close-process-checklist/ Policy: This policy establishes the standards and procedures for accounting system security in compliance with management's objectives. Procedures: In order to gain access to the accounting system, an ABC Co. Accounting System Request Form must be completed and approved by the requester's manager. This form is also used if it is ... http://www.sarbanesoxleyfocus.com/download-accounting-system-security-policy/ Spend a few minutes with an IT wonk, from the CIO down to the most junior programmer, and you will find a common and unfortunate fault: excessive whining. Your average IT worker can regale you with endless tales of woe: from lack of funding and the evils of outsourcing, to ... http://www.sarbanesoxleyfocus.com/accountant-who-pores-over-sarbanes-oxley-or-it-who-to-much-whining/ According a survey from KPMG and the National Association of Corporate Directors. The top priority for audit committee agendas are: 1. Risk Management 2. Accounting Judgments and Estimates 3. IT Risk and Governance 28 percent of audit committee members are "very satisfied" they understand the process that management uses to identify and assess significant ... http://www.sarbanesoxleyfocus.com/risk-management-accounting-judgments-and-it-risk-governance-audit-committee-agendas/ A high-level mapping of the IT control objectives for Sarbanes-Oxley described in this document, IT general controls identified by the PCAOB and the COBIT 4.0 processes. These 12 controls are: acquire and maintain application software, Acquire and maintain technology Infrastructure, Enable operations, Install and accredit solutions and changes, Manage changes, Define ... http://www.sarbanesoxleyfocus.com/mapping-of-the-it-control-for-sarbanes-oxley-cobit-and-pcaob/ The SEC's final rules define internal control over financial reporting as a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding ... http://www.sarbanesoxleyfocus.com/what-is-the-definition-of-internal-control/ There is even a movement toward an Extensible Markup Language (XML) standard to promote a global GAAP. The Extensible Business Reporting Language (XBRL) is an attempt to create an internet-based global reporting language. XBRL would permit investors, analysts, and regulators to review and evaluate financial data more easily and efficiently. ... http://www.sarbanesoxleyfocus.com/extensible-business-reporting-language-xbrl-and-sec/ Latest survey from Georgia State and Clemson universities about Sarbanes Oxley. Said that While the chiefs of corporations across the United States view the 2002 federal accounting statute as reactionary and over-burdensome, they still cite "improper accounting practices" as the No. 1 ethical issue facing business today, according to a ... http://www.sarbanesoxleyfocus.com/survey-show-that-ceos-view-sarbanes-oxley-as-ineffective/ The Corporate Fraud Task Force claims more than 1,300 corporate fraud convictions since its inception less than six years ago. That includes more than 200 CEOs and presidents, 50 CFOs, and 120 vice presidents. That's a lot of fraud. Just looking at technology-related companies, federal agencies have successfully brought fraud and ... http://www.sarbanesoxleyfocus.com/do-you-know-that-tore-than-200-corporate-fraud-performed-every-year/