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Sox audit

Tanvi (Student) (224 Points)

18 February 2015

Hello everyone!!

I need some guidance on SOX audit.?

What is sox audit..and what all compliances do we need to make in sox audit.?

and how to conduct sox audit?

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5 Replies

Sathish M (Management Accountant) (40581 Points)
Replied 18 February 2015

SOX stands for Sarbanes Oxley Act which a US legislation that is applicable to US corporations. It mainly deals with the system of Internal Controls.

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Tanvi (Student) (224 Points)
Replied 18 February 2015

Ao what do we need to do in sox audit? What do we need to check??

(Guest)

Sarbanes-Oxley Compliance

A Checklist for Evaluating Internal Controls

Attached File : 149116 1406695 sox internal controls checklist.pdf downloaded: 585 times

Suresh Kumar ( ) (60 Points)
Replied 18 February 2015

SOX compliance is basically the reponsibility of the CFO & CEO of the company.

In SOX, we basically evaluate the internal controls which are affecting the financial reporting (key controls) and we also check other controls ( non key controls).

Initially, for identified processes/cycles (basically PTP, I&P, OTC & FSCP) a Risk control matrix (RCM) is prepared. As an auditor, we need to evaluate whether the given mitigating controls are adequate, effective & efficient.