Put a SOX in it
Enron, WorldCom, and Tyco International all have this in common.
Which are the three companies that had accounting scandals that led to SOX?
A report used by management in the operation of a key control.
What is a key report?
An entity (or segment of an entity) that provides services to a user entity that are part of the user entity's information system.
What is a Service Organization?
A SOX compliance section that is Management’s attestation on internal controls over financial reporting.
What is Section 404(a)?
A test of multiple samples to evaluate the operating effectiveness of the control; sample size depends on frequency of control
What is Test of Effectiveness?
Letter covering gap between SOC 1 report period and year end (coverage is required to be within 45 days of year end).
What is a Bridge Letter?
A type of control that follows predetermined logic in execution and designed to mitigate risks by stopping an error or fraud before occurrence
What is an automated preventative control?
The process of ensuring all data in a report/spreadsheet is correctly representing system data for each key field, and that all of the data from the system is in the report/spreadsheet.
What is Completeness/Accuracy?
Service Organization report over operating effectiveness of controls over a period of time.
What is a SOC 1 Type 2 Report?