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Home > In The Spotlight > ACS Supports implementation of Sarbanes-Oxley....

ACS Supports implementation of Sarbanes-Oxley....

CEOs and CFOs are scrambling to quickly understand and comply with the new rules and regulations passed by congress. The accounting reform and investor protection legislation, Sarbanes-Oxley Act (SOA) requires significant policy and procedure checkpoints to ensure recording, tracking and disclosing financial information.

SOA is financial legislation and its heart lies in ensuring that internal controls and rules are there in place to govern the creation and documentation of information in financial statements. ACS finds the potential role of information technology to meet the new reporting requirement made mandatory by act. Find how your company's manual spreadsheets are replaced with the automated reporting system that further consolidates your financial information.

Phase 1. Participating in Discover/Audit Process

The first step in compliance is to begin audit to discover where the changes are required. These audits are very intensive and involve the documentation of financial process and all internal process controls. Our consultants take part extensively in the audit process and support the examination of IT systems and financial data. Most of the auditing firm uses technology which needs to be installed in enterprise to record and document process and communicating with the management.

Phase 2. Gap Analysis

As the first phase of audit is over, enterprise goes for process changes and no doubt it gets reflected in the technology also. It may be simple or complete retooling of the existing ERP system. ACS figures out the IT changes required to meet the new process and fully comply with the act.

Phase 3. Compliance

Once the Gap analysis is over, implementation of required changes in IT system starts. Our extensively trained professionals make sure that you meet the hard deadline of Sarbanes-Oxley compliance and leave enough time for final audit and attestation by your auditor.

Phase 4. Future scope

Changes will be made in the regulation periodically and it requires audit and attestations with every periodic report. Our professionals help in documenting changes to system that potentially change the financial process or internal controls and reporting it to CFO, risk management or compliance committee.


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