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Wednesday, 15 July 2010 From the desk of Prof. Dr. Anne-Katrin Straesser Dear Colleague, As for most companies the requirements of the Basic Standard for Enterprise Internal Control and the time pressure to be compliant by the end of the year may seem overwhelming, there are a few simple steps you can take not only to become compliant quicker and with less cost you ever thought but also gain compe ive edge. Based on the experience of implementing and auditing several companies’ internal control systems, such as the US SOX, the book "How to tackle C-SOX" reveals a success formula to easily and cost-effectively comply with the new Standard in a short period of time. This book not only explains methods Big4 firms use when implementing an internal control system but also ways how you can cut on auditing and consulting fees and improve your entire organisation. The book “How to tackle C-SOX” gives you step-by-step information how you can implement the whole system while using minimum resources. No matter, whether your role is CEO, Controller, Finance Director, Accountant or Consultant, this knowledge will you put ahead of your peers. It shows you how you can utilise what is readily available in the company and how to leverage it in order to self- ess the internal control system and be compliant with C-SOX. In a 5-step Proven Success Formula you learn exactly what you need to do in order to achieve compliancy and gain compe ive edge. What are the steps that ensure you need to take until the end of the year so your company complies with the Standard and is ahead of your compe ors? Step 1: Plan and Scope for Success Step 2: Analyse and Leverage Existing Control Environment Step 3: Remediate Step 4: Conduct Self-Assessment Step 5: Ensure Continuous Improvement The book explains all the in detail. It guides you through the various actions and provides you with the necessary material to easily follow-through. You receive step by step instructions for each of the project phases. You also receive loads of hands-on material, like checklists for all significant processes. From focussing on the important issues over forming the optimum project team to writing a self- essment report and communicate to external auditors this book contains a lot of insider knowledge. All this will save you several thousand dollars of consulting and training fees. Even without experience in a similar kind of project, you will be able to – Understand the requirements of the Standard – Set up a project plan and a project team – Do ent processes – Identify risks and controls – Identify gaps between the current processes and controls and the requirements of the Standard – Develop a test plan – Conduct testing – Write a self- essment report – Avoid mistakes that a lot of companies and people without the knowledge of the book are probably going to make. The book reveals best practices from several years experience in the work of internal control systems. It tells you what works and what doesn’t, where the big traps are and how to get around them and foremost: How to become compliant without spending a vast amount of money. The book contains a.a.: · Background Information on the Basic Standard for Enterprise Internal Control · The Main Challenges Chinese Companies are facing · Explanations of the Five Control Elements of the COSO Framework · How to Form a Strong and Powerful Project Team · How to Identify Accounts, Processes and Locations for the Scope of the Project · How to carry out a Risk Assessment and what needs to be considered · How much Time is needed for the Compliance Project · How to Leverage Existing Process Do entation · Typical risks and control objectives for various significant processes (Sales, Purchasing, Financial Closing, Treasury, Fixed Assets, Human Resources) and IT · The Best way to Do ent Controls · How to Perform a Walkthrough · What to Identify in A Gap Analysis · How to Add Value during Remediation · How to Conduct the Self-Assessment · How to Develop Test Plans · How to Evaluate Test Results · Examples of Risk Matrix, Flow Chart, Narrative and Test Plan · How to Test Manual and Automated Controls · How to Test the Other Components of the COSO Framework (Control Environment, Risk Assessment, Information and Communication) · What should Be Included in the Self-Assessment Report · Ways to Continuously Improve the Level of Compliance · How to Improve Existing Processes and Cut Costs · How Culture and Integrity can Be Improved · What Should Be Included in an Effective Anti-Fraud Program · How to Form an Effective Audit Committee · Risks and Control Objectives of the Main Processes (Financial Closing and Reporting, Treasury, Sales, Purchasing, HR and Payroll, Fixed Assets, Inventories) · Risks and Control Objectives concerning Information Technology The most interesting and rewarding part of the book, might however be the… Read more…
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