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The Sarbanes-Oxley Section 404 Implementation Toolkit: Practice Aids for Managers and Auditors, with CD ROM, 2nd Edition

ISBN: 978-0-470-16931-5
396 pages
April 2008
The Sarbanes-Oxley Section 404 Implementation Toolkit: Practice Aids for Managers and Auditors, with CD ROM, 2nd Edition (0470169311) cover image
Now updated and fully revised, The Sarbanes-Oxley Section 404 Implementation Toolkit, Second Edition helps large or small companies continue to meet the complex internal control reporting requirements of Sarbanes-Oxley. Brimming with a wealth of forms and checklists, the new edition helps you get up to speed quickly with SOX 404 requirements and makes the compliance process repeatable, more efficient, and more effective.
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About the Author vii

Preface ix

Acknowledgments xi

Part I Tools for Management 1

ADM-1 General Work Program 3

ADM-2 Project Planning Summary 17

ADM-2a Checklist for Summarizing Project Team Competence and Objectivity 31

ADM-2b.1 Worksheet for Determining and Documenting Significant Accounts and Disclosures 34

ADM-2b.2 Mapping of Business Processes to Significant Accounts and Disclosures 40

ADM-2c Example Inquiries to Identify Changes to Internal Control 45

ADM-3 Senior Management Review Checklist 47

ADM-4 Checklist for Preparation of Management's Report on Internal Control Effectiveness 52

Part II Documentation of Internal Control Design 57

DOC-1 Work Program for the Review of Documentation of Entity-Level Controls 59

DOC-1a Assessment of Internal Control Effectiveness: Overall Approach to Review of the Documentation of Entity-Level Controls 62

DOC-1b Assessment of Internal Control Effectiveness: Checklist for the Review of the Documentation of Entity-Level Controls 66

DOC-2 Work Program for the Review of Documentation of Activity-Level Controls 80

DOC-2a Assessment of Internal Control Effectiveness: Overall Approach to Review of the Documentation of Activity-Level Controls 82

DOC-2b Assessment of Internal Control Effectiveness: Checklist for the Review of the Documentation of a Significant Transaction or Business Unit/Location 85

DOC-3 Documentation Techniques and Selected Examples for Routine Transactions 87

DOC-4 Checklist for Evaluating SOX 404 Software 110

Part III Internal Control Testing Programs 113

Entity-Level Controls Testing Tools 115

TST-ENT-1 Summary of Observations and Conclusions about Entity-Level Control Effectiveness 119

TST-ENT-1a Checklist for Small Business Entity-Level Controls 135

TST-ENT-2 Work Program for Testing Entity-Level Control Effectiveness 143

TST-ENT-3 Index to Tests of Entity-Level Controls: Inquiries and Surveys 171

TST-ENT-3a Entity-Level Tests of Operating Effectiveness: Inquiry Note Sheets—Management 176

TST-ENT-3b Entity-Level Tests of Operating Effectiveness: Inquiry Note Sheets—Board Members 187

TST-ENT-3c Entity-Level Tests of Operating Effectiveness: Inquiry Note Sheets—Audit Committee Members 193

TST-ENT-3d Entity-Level Tests of Operating Effectiveness: Inquiry Note Sheets—Employees 200

TST-ENT-3e Example Employee Survey 207

TST-ENT-4 Index to Tests of Entity-Level Controls: Inspection of Documentation 215

TST-ENT-4a Worksheet to Document Inspection of Documentation of Performance of Entity-Level Controls 217

TST-ENT-5 Index to Tests of Entity-Level Controls: Observation of Operations 220

TST-ENT-5a Worksheet to Document Observation of Operation of Entity-Level Controls 222

TST-ENT-6 Index to Tests of Entity-Level Controls: Reperformance of Controls 225

TST-ENT-6a Worksheet to Document Reperformance of Entity-Level Controls 227

TST-ENT-7 Work Program for Reviewing a Report on IT General Control Effectiveness 230

TST-ENT-7a Planning and Review of Scope of Tests of IT General Control Effectiveness 235

TST-ENT-8 Work Program for Performing an IT General Controls Review 241
Guidelines for Testing Activity–Level Control Effectiveness 245

TST-ACT-1 Guidelines and Example Inquiries for Performing Walkthroughs 253

TST-ACT-2 Example Testing Program for Activity-Level Tests of Controls 261

TST-ACT-2a Example Testing Program for Control Operating Effectiveness: Revenue 262

TST-ACT-2b Example Testing Program for Control Operating Effectiveness: Purchases and Expenditures 267

TST-ACT-2c Example Testing Program for Control Operating Effectiveness: Cash Receipts and Disbursements 271

TST-ACT-2d Example Testing Program for Control Operating Effectiveness: Payroll 275

TST-ACT-3 Work Program for the Review of a Type 2 SAS No. 70 Report 279

TST-ACT-3a Type 2 SAS No. 70 Report Review Checklist 282

TST-ACT-4 Process Owners’ Monitoring of Control Effectiveness 289

Part IV Example Letters and Other Communications 295

COM-1 Example Engagement Letter for Outside Consultants to Management 297

COM-2 Example Management Representation Letter 301

COM-3 Example Management Reports on Effectiveness of Internal Control over Financial Reporting 303

COM-4 Example Subcertification 305

Appendix A 307

About the CD-ROM 385

Index 389

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