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© Cost Advisors, Inc. 1 Sarbanes-Oxley Section 404 Documentation and Testing Software
© Cost Advisors, Inc. 2 ® Founded in 1999 by Bill Douglas Collaborated with all ‘Big 4’ firms and public companies to design SarbOxPro ® Microsoft Access and Excel experts Taught SOX 404 ‘Best Practices’ class for OSCPA Published article for the Internal Auditor, “A Guide to Section 404 Project Management"
© Cost Advisors, Inc. 3 ® Fast, Easy Documentation & Testing Software Easy Input Easy to Use Easy Output Our goal is to make your SOX 404 Project fast, easy, and affordable
© Cost Advisors, Inc. 4 ® SarbOxPro ® Features Easy Input Fast and easy installation on any PC or existing shared drive Import data directly from Excel ® (or use pre-populated data) Easy To Use Control and testing libraries Intuitive 'Tree' structure Organize Visio, Excel, and Word Documents Schedule tests and keep a history of test results Easy Output Read SarbOxPro data with pre-formatted Pivot Tables in Excel Export to Excel Pre-formatted Access Reports
© Cost Advisors, Inc. 5 ® Ideal Customer Fit Small to medium size public companies Limited budget Geographically concentrated Committed to Microsoft Office Accelerated filers with completed project data in Excel Non-accelerated filers needing guidance and pre- populated processes, risks and controls
© Cost Advisors, Inc. 6 ® ExcelSarbOxProWeb-Based Share controls and tests between documenters √√ Ensure pre-defined and uniform data capture √√ Run consolidated reports for all documenters √√ Easy to setup√√ Custom reports in Excel√√maybe Responsive (no latency)√√ Low Cost√√ notification √ # Simultaneous users1about 5dozens SarbOxPro is Right for Many Companies
© Cost Advisors, Inc. 7 ® Without SarbOxPro ®
© Cost Advisors, Inc. 8 ® With SarbOxPro ® L i Flowcharts Visio n k Narratives in Word Link L i Lists of Items Tested 1. Pass/Fail x x x x n k
© Cost Advisors, Inc. 9 ® SarbOxPro ® is FREE Just pay $995 per year for the maintenance plan, which includes: 2 hours telephone SOX 404 consulting Free support (10 incidents per year) Free upgrades Access to user discussion group (forum) Access to additional SarbOxPro Excel Pivot tables SOX 404 Best Practices class Project templates
© Cost Advisors, Inc. 10 ® Sarbanes-Oxley 404 Consulting Available Project scoping Preparation of documentation Risk assessment Testing Segregation of Duties analysis Project management Education and training Excel data clean up
© Cost Advisors, Inc. 11 ® Customer Quotes "We are very pleased with the SarbOxPro software. It is integrated with the standards set by the PCAOB and is quite user friendly. It was an excellent tool in our planning process and has helped us in our documentation of our internal controls. We believe the pricing is very fair." Gery Richards, Senior Accountant, Ramtron International “Many benefits and efficiencies were realized through the application of SarbOxPro to our compliance efforts: Creates a flow of documentation that ensures our approach is complete. Links all the information together for easy comprehension and minimal training for current and future staff. Great central storage for all documentation. Allows the user to customize screens. Creates a testing log and schedule.” Director of Internal Controls Oil & Gas Company I find the SarbOxPro software very useful in giving me and my client a structure and an outline to follow as we document and test the scope and adequacy of the company's internal control structure and procedures for financial reporting.“ Sonny Sano, Business Consultant
© Cost Advisors, Inc. 12 ® Product Organization User Guide Retrieve reports Input project data Set up optional company data Create a back up of your data
© Cost Advisors, Inc. 13 ® Initial Configuration: Set Up Data for Your Company Customize field ‘drop downs’ Built-in risk evaluation tool determines the inherent process risk and risk of control failure. Easy to import project data from Excel
© Cost Advisors, Inc. 14 ® Main Menu: Data Input
© Cost Advisors, Inc. 15 ® SarbOxPro Data Tree Structure Cycle Process Objective Risk Control Test
© Cost Advisors, Inc. 16 ® SarbOxPro Data Tree Structure Risk = The possibility that an objective will not be met. (i.e. Invoices are not accurately input and processed both individually and in the aggregate). Control = Mitigates risk (i.e. Exceptions to standard pricing and discounts require specific management approval). Test = A check that the control is working (i.e. Verify evidence of management approval for price exceptions). Objective = The goal of a process or transaction based on management’s assertions (i.e. Invoices with non standard pricing (exceptions) are reviewed and approved by the appropriate level of management) Cycle = A group of processes performed to accomplish an objective (i.e. Revenue or Financial Reporting cycle) Process = A subset of a cycle. (i.e. The Sales Order process, Credit Approval process, and Invoicing processes are all components of the Revenue cycle)
© Cost Advisors, Inc. 17 ® Financial Reporting FIN-01 Chart of Accounts FIN-02 Estimates & Accruals FIN-11 Disclosures FIN-12 Close GL Obj FIN-12.A All JEs are booked Risk FIN-12.A.1 Subledgers are incomplete Risk FIN-12.A.2 Subledgers accum. Incorrectly Risk FIN-12.A.3 Unposted JEs FINCTRL-013 Closing checklist is used EXPTEST-001 − − − − Example: Financial Reporting Cycle Monthly GL Close Process Cycle Process Objective Risk Control Test
© Cost Advisors, Inc. 18 ® Three Sections of Data Input In the Data Tree Area you can see the hierarchy of Process, Risks and Controls. In the Detail Area you can see the specific info for the single item selected in the Data Tree. In the Library Area you can see the entire list of accounts and tests.
© Cost Advisors, Inc. 19 ® Overview – Data Input Easily use the Data Tree Input Form with pre-loaded data or add your own. You can also add modify and delete Risks and Controls here.
© Cost Advisors, Inc. 20 ® Process Level Data Enter process level data here.
© Cost Advisors, Inc. 21 ® Process Level: External Links Visio ® Data SarbOxPro can reference external project documents such as Visio flowcharts, Word narratives, and test plan results in Excel.
© Cost Advisors, Inc. 22 ® Process Documentation SarbOxPro calculates a comprehensive risk weighted score for each process based on the weight and score assigned by the user.
© Cost Advisors, Inc. 23 ® Segregation of Duties Employees - Segregation of duties issues exist when a single individual does too much. Identify the people who perform each transaction and later run a report showing Segregation of Duties conflicts.
© Cost Advisors, Inc. 24 ® Objectives Identify relevant assertions for each Objective. Objectives are determined by ‘assertions’. Assertions describe what is ‘correct’ about financial processes. The standard PCAOB assertions are built into SarbOxPro.
© Cost Advisors, Inc. 25 ® Risks Use the SarbOxPro pre-loaded risk data or easily import risks from Excel into SarbOxPro.
© Cost Advisors, Inc. 26 ® Deficiency Evaluation Form This form is available from both the risk and testing menus. It can be used to document both design deficiencies and operating (testing) deficiencies. The form is designed to capture deficiencies noted by the project team plus remediation plans from process owners. Reports are available to summarize the status of deficiencies. The ‘Determine Classification’ button in the Deficiency Evaluation Form will direct you to the Deficiency Classification Form (see next slide).
© Cost Advisors, Inc. 27 ® Deficiency Classification This interactive flowchart is used to evaluate the severity of a deficiency as a Deficiency, Significant Deficiency or Material Weakness. The flowchart follows COSO standards. The flowchart ‘branches’ to successive questions based on user answers to simple ‘yes’ ‘no’ questions.
© Cost Advisors, Inc. 28 ® Controls Controls – You can use SarbOxPro pre-populated controls or import controls from Excel or write new controls. Once a control is in the library, use the ‘Select Controls’ button to pick a control from the library (see next slide).
© Cost Advisors, Inc. 29 ® Controls Library Controls are saved to a control library so you can apply the same control to multiple risks in different cycles and processes. There is no need to re-enter the control data. Locate controls in the library by filtering on keywords.
© Cost Advisors, Inc. 30 ® Test Data Next Test Date – SarbOxPro calculates future test dates Test Log- Archive historical test results
© Cost Advisors, Inc. 31 ® Main Menu: Reports
© Cost Advisors, Inc. 32 ® Reporting From SarbOxPro ® 1. Display & Print 2. Export 3. Read Read SarbOxPro from within Excel using pre-formatted Pivot tables. Formatted Access Reports SarbOxPro
© Cost Advisors, Inc. 33 ® Reports – Export to Excel Export SarbOxPro data to Excel Filter reports however you wish
© Cost Advisors, Inc. 34 ® Pre-formatted Access Reports
© Cost Advisors, Inc. 35 ® Reports – Excel Reader (Pivot Tables) SarbOxPro ships with an Excel Pivot table that allows you to ‘read’ SarbOxPro Process, Risk, Control and Test data. This saves time from having to export SarbOxPro data to Excel each time the data changes.
© Cost Advisors, Inc. 36 ® Need more information? Download a free copy of SarbOxPro online at: Call us for a demonstration: Receive fast responses to your specific questions by ing:
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