Financial Controls Management
Controls under SOX 404 are mandated by the U.S. Public Company Accounting Oversight Board (PCAOB) and used to determine the nature and scope of evidence used to test internal controls. External auditors may also use SOX 404 controls to issue a formal or public statement regarding a company’s internal controls.
SOX Controls and Top Down Auditing with Aruvio Financial Controls Management
Because of their complexity SOX 404 controls are known to be difficult to comply with. When SOX regulations are involved, many external auditors take a top down approach to assessing risk. The top down approach equivocates the financial statement level with the top. It is held that the top drives the audit process down to the individual control level. The top down process is constructed to save budgets by preventing the auditor from evaluating processes and controls that are not relevant to the migration of financial statements.
Aruvio Financial Controls Management
Organizations and financial institutions alike can effectively manage financial controls with Aruvio’s cloud-based GRC system. The system equips organizations with the tools necessary to systematically manage any control within the COSO framework.
Internal Control Assessment
The continuous assessment of internal controls proves to be the best way achieve compliance and ensure financial controls are prepared for audits. Unfortunately this process can be enormously costly as companies struggle with the ability to integrate financial controls management into overall corporate compliance.
Ease access with central repository of information
Aruvio’s in-cloud approach to financial controls management allows organizations to easily access and update comprehensive control change capabilities. The result is a dramatic reduction in both cost and time due to dispersed documentation.
Integrate business processes and internal procedures with regulatory notifications and industry alerts
Organizations can view compliance processes at any level of detail and provide evidence to external auditors that internal controls have been properly managed.