One size does not fit all when it comes to internal audit, but one methodology does: internal
controls as defined in the Committee of Sponsoring Organizations (COSO) framework. This
framework allows for a consistent risk-based approach to evaluating the control
environment of any sized organization. This is the baseline approach we take when
addressing the specific requirements of the Sarbanes-Oxley Act for public companies, but
it works equally well for private and non-profit companies.
By their very nature, companies evolve, and internal audit departments must either be
created or adapted to continue to be value-added resources to the entity. The services that
IFG offers allows your department to succeed whether you are plotting the appropriate
course of action for new regulatory requirements, audit committee requests, mergers or
acquisitions, new technologies, or new lines of business.
IFG has a few simple rules for SOX implementations that carry over into every type of our
internal audit engagement:
| • • • • • |
Communicate regularly with the customer on timeline and status of deliverables Provide adequate documentation to allow for management and external audit review Provide only experienced professionals to the engagement team Listen to our customer and provide ample time for feedback on documentation Engage the external audit team initially to ensure all issues are addressed timely |
IFG has established a 6 phase approach to the implementation of SOX for public companies.
This approach is flexible enough to work with companies that have already begun the
implementation effort. These phases may not differentiate us from other providers. The true
internal audit and SOX experience of our dedicated professionals is the IFG difference. Our
ability to work within your existing process separates IFG from other providers. Our
established 6 phases are:
- Scope/Planning Assessment – COSO Framework
- Significant Accounting Processes Documentation and Risk Assessment
- Identification and Documentation of Key Controls
- Testing of Key Controls
- Reporting to Senior Management and the Audit Committee
- Remediation and Follow Up
For more information about SOX Sections 302 and 404, and how IFG can help you, please
call (703) 216-3472 or e-mail sarbanes.oxley@integralfinancialgroup.com.
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