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?
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.
Tanvi
(Student)
(224 Points)
Replied 18 February 2015
Sarbanes-Oxley Compliance
A Checklist for Evaluating Internal Controls
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.
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