How long SOX design control performed?
The first question arises from my client after having brainstorming or preliminary meeting about Sarbanes Oxley compliance is: How long? Since the SOX impact is cover almost every significant application and department related with financial reporting. And since SOX implementation is quite new, so this common question always arrived in their mind.
Based on common practice, the SOX design control should be performed around 2-3 month. SOX is tested once every year, sometimes there are interim between middle years. So between 2-3 month, every SOX consultant must prepare their report and testing strategy for the company.
The Risk Control Matrices design is the most important part of SOX compliance consultation. This basic process will become guidance of what area of business process should be become first priority and will be affected to other department.
However this 2-3 month, will be repeated every year. So this is the main reason why SOX compliance project always took very long time and a lot of resources. Company should pay attention deeply about how long SOX design control performed for effective implementation.
Usually the next question, is how a very large company could meet the design effectiveness just in 3 month? This is a lot of homework of every SOX auditor. Do you other story?
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