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Who
will you need access to in our organization?
We'll
need names, email addresses and phone numbers of the
key people in your payable process along with contact
information of people we should talk to concerning sales
and use tax payments, contracts, purchase orders, Treasury
(obtaining cancelled checks) and any other groups that
impact the disbursements process.
How
do you report your findings?
We'll
hold a 20-30 minute weekly or biweekly meeting (at your
discretion) with a designated representative of your
company for update reports on our progress. This can
be either formally scheduled or an informal "drop-in",
whichever you are most comfortable with. When the audit
is complete you'll receive an Executive Summary report
listing finds and recoveries by category, vendor and
dollar amount.
What
steps do you take to help us improve our procedures?
You'll
receive detailed operational feedback with suggestions
on how to eliminate future problems. This also includes
internal control and process feedback. We also provide
sales tax education and opportunities, plus benchmarking
information.
We've
been told that we will be involved in our company's
Sarbanes-Oxley review. Can you help us with that?
Most
definitely. Section 404 of the Sarbanes-Oxley Act (SOX)
is entitled, "Management's Assessment of Internal Controls".
This is the area that will, in all likelihood, impact
your group the most. Your auditors and potentially SOX
consultants will be assessing both the sufficiency of
your internal controls as well as the effectiveness
of them. Our work can help you with the effectiveness
testing as we substantively review a very large number
of transactions. When we find exceptions, you can trace
them back to the internal control point that came into
play. From there, you can assess the cause of the exception,
determine whether a weakness exists and, if necessary,
implement a plan for corrective action.
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