Wednesday, June 23, 2021

Top 10 SOX questions

1. How are off-balance-sheet transactions and commitments tracked and reported?

2. How are forecasting and budgeting done? How many tools are used?

3. How are reports generated? What tools are used?

4. What parts of the process are manual and what parts are automated?

5. How are key measures (drivers of financial results) delivered to operational managers’ desktops?

6. What types of financial transactions are flagged and how?

7. How often is documentation updated for changes to internal processes controlling financial transactions?

8. What procedures are in place by the company to detect and prevent fraud?

9. How often are documents backed up to ensure reports and information are maintained? What is the retention policy for electronic information?

10. What controls are in place over record retention to avoid tampering with the data?

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