Sarbanes Oxley 404
Management Assessment of Internal Controls [Sarbanes Oxley 404]
(a) RULES REQUIRED- The Commission shall prescribe rules requiring each annual report required by section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) to contain an internal control report, which shall—
(1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and
(2) contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.
(b) INTERNAL CONTROL EVALUATION AND REPORTING- With respect to the internal control assessment required by subsection (a), each registered public accounting firm that prepares or issues the audit report for the issuer shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement. [Sarbanes Oxley 404]
In anticipation of, and response to, Sarbanes Oxley 404, a number of authoritative bodies have released Sarbanes-Oxley papers, including the Basel Committee for Banking Supervision. Sarbanes Oxley 404 most directly affects the financial services industry, but also any public company who deals with financial reporting. Some important Sarbanes-Oxley papers include:
These Sarbanes-Oxley papers address some critical issues related to reporting and control regulations. Many of the challenges raised in these Sarbanes-Oxley papers are now being addressed through the development of Sarbanes-Oxley enterprise software.
Sarbanes-Oxley Enterprise Software
Paisley is proud to offer the following Sarbanes-Oxley enterprise software solutions:
Powerful Paisley Solutions
Risk Navigator® was designed to help companies comply with Sarbanes-Oxley papers policies and establish long-term operational risk management solutions. It’s an immediate solution with the capacity for full control and integrated Sarbanes-Oxley 404 compliance- Sarbanes-Oxley enterprise software for the future.
CARD®map software was designed to help organizations meet risk and control governance responsibilities including risk assessment analysis for Sarbanes-Oxley and emerging Basel operational risk requirements resulting from the Basel Accord; an excellent risk management tool.
FOCUS® is web-based and designed specifically for Sarbanes-Oxley compliance, particularly in relation to Sections 302 and 404 requirements. It is a fast, easy way to Sarbanes-Oxley compliance. It documents all risks and controls, establishes accountability, identifies gaps, tracks action plans and provides for management certification. FOCUS provides the level of detailed documentation required to satisfy external auditors in the most efficient way possible. This Sarbanes-Oxley enterprise software even provides industry-specific process, risk and control templates to get an organization up and going fast.