Sarbanes-Oxley: Audit Issues

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  SAS 70 process 928
  • SOXGal  

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  Implementation 404 1080
  • mvk05  

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  Use of a Specialist 1120
  • Juli  

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  Internal Controls Summary Report for the Audit Committee? 1122
  • ugogirl  

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  Issues with Financial Application Controls..... 1205
  • auditorofsox  

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  System Change and Effect on Peer Testing 1891
  • CantAdd  

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  Article: Internal Audits, many of us hate them, but.... 2073
  • harrywaldron  

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  Learn By Examples 1174
  • auditorofsox  

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  Processes outsourcing issues 1211
  • auditorofsox  

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  White Papers for SO Mgmt and Revenue Recognition 921
  • SOXGal  

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  SOX and Materiality Threshold 1532
  • milan  

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  Relying on a system control 1841
  • Igor13  

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  White Papers for SO Mgmt and Revenue Recognition 921
  • SOXGal  

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  Controls Deficiencies 1212
  • auditorofsox  

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  Sampling issues 1219
  • auditorofsox  

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• R

  IT Application Controls Walkthrough Procedures and Inquiry 2971
  • Rex  

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• T

  Auditor's request for workflow or narative 63
  • trinity  

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  K

  Trinity, One of the things that management needs to demonstrate is that they have documented their understanding of every key process that leads to the external financial statements. As others have noted above, this is generally accomplished through narratives and flowcharts. It would be difficult to prove understanding of the processes without this information. You also have to document key controls and show where those are in the financial processes. Your external auditor will end up issuing their assessment of your understanding of controls as well as thier assessment of the effectiveness of those controls. Good luck as you work through this. Keep asking questions as there are quite a few knowledgeable people on this board.
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  Newbie seeking information 180
  • AlanGray-TL  

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  Welcome to the forum: Based on your background and your interests - -----you could be working either as an Internal Auditor ( with Large Public Accounting Firms/ or with as a FTE of a Client) - or as an external auditor - work for Big 4 and other large CPA firms. There are subtle difeerences - when you are working with a company performing Internal Audit Vs they are performing Internal Audit On the ceritifications side: If you have a financial/Accounting background - a Bachelors and CPA is alomost a requirement If you have Bacherlor and CIA (Certified Internal Auditor - www.theiia.org) that could do too If you are in IT person CISA is almost a requirement. Check www.isaca.org for more details For general Sarbanes guidelines visit www.pcaob.org Any other questions, please feel free to write to me.
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  What is the date scope for the SOX external audit? 170
  • jjowers  

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  Just an update on the external audit intrepretation for our audit. The audit is complete. Basically, two types of issues: Financial - policy, control and practice not in place for the entire year (January 1, 2004) and SOx deficient - we have until November 1, 2004 to have in place. This gives us 60 days (January 1, 2005) to demonstrate the effectiveness. j2
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  SAS 70 from you as an auditor 157
  • SOX-Migration  

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  If you have to get a SAS-70 you should request a Type II SAS-70. That is not only the Audit Report. IT also includes the test of the controls audited and the outcome of the tests. This is more convienient for SOX purposes. You still want to make sure that the report contains the controls you need for your processes. A additional topic is that the PCAOB still is not comfortable the auditor issueing the report and the auditor of the requesting company (finally giving a SOX Statement) is the same. They still see some indepence issues.