The Integration Consortium (IC) and the Avalanche Corporate Technology Cooperative announced their collaboration on a Sarbanes-Oxley (SOX) Compliance project. The IC and Avalanche are driving this initiative to encourage end-user participants to work together and share information that will lead to best practices in meeting new requirements for the financial reporting controls required by SOX.
The SOX Compliance Collaboration project will help participating companies meet the new requirements established by SOX by creating common frameworks and content for controls definition, documentation, testing and monitoring. Members of both the IC and Avalanche are engaged in the project and are seeking new participants to join and assist in identifying and delivering risk, control and assessment documents from their own SOX regulation and compliance audit experiences. These materials along with industry specific "reference" models of control definitions, testing procedures, assessment and monitoring preferences will be gathered and stored in the Avalanche Repository. Members can access the repository to identify and manage efforts to fill gaps, identify tools and support participants' efforts to create compliance control environments.
Current goals of the SOX Compliance Collaboration Project include:
- Lowering the costs of compliance with requirements by reducing the effort needed to create new controls, controls documentation and assessment procedures and by reducing efforts required by external auditors in auditing controls.
- Creating a consistent framework which will lead to improved control over and accuracy of public reporting and reduced risk in financial reporting.
- The establishment of more complete, better documented and easier-to-audit environments.
The end goal of this collaboration is to build a SOX Integration Framework.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access