Lessons Learned from Sarbanes-Oxley: A Data Perspective .


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Lessons Gained from Sarbanes-Oxley: An Information Point of view. By Gwen Thomas Manager, SOX-on the web. Copyright 2005 SOX-on the web. All Rights Held. Contact Gwen Thomas at gwen.thomas@sox-online.com. Plan. Lessons Gained from Sarbanes-Oxley: An Information Point of view. Morning Diagram Presentations
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Lessons Learned from Sarbanes-Oxley: A Data Perspective By Gwen Thomas Editor, SOX-online Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Agenda Lessons Learned from Sarbanes-Oxley: A Data Perspective Morning Overview Introductions What Do You Want? Foundation How Important is SOX? Influence of SOX on Your Company and The Change in Executive Mindset The New Paradigm for Data Departments: Do it – Control it – Doc it – Prove it Talking the Talk The Language of Risk Management What Risks Do You Manage?

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Agenda Lessons Learned from Sarbanes-Oxley: A Data Perspective Afternoon Controls Definitions The Controls Hierarchy Results of Audits Common Control Deficiencies Database Controls Challenges and Opportunities Where Are You at Risk? How Might You Benefit From SOX?

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Introductions Gwen Thomas Editor of www.sox-online.com and SarboxAlert www.riskcenter.com/sarboxalertdownload.php Consultant in Data Governance and Sarbanes-Oxley issues autonomously and in organization with framework integrator CIBER, Inc. Late work: NDCHealth Mail-Well ESAI Giant Eagle A Northeastern Blue Cross-Blue Shield Walt Disney World Ford International Headquarters Coors Brewing Company Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Introductions www.SOX-online.com Free The web\'s biggest seller impartial Sarbanes-Oxley data website 2 years of age Thousands of news articles Hundreds of pages of reference material and cleverness Advice journalist Ms. Sarbox Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Introductions SarboxAlert www.riskcenter.com/sarboxalertdownload.php Bi-week after week membership bulletin Covers SOX-related issues top to bottom Comes with downloadable prepared to-utilize Sarbanes-Oxley Project Management Templates Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Introductions Who Are You, and What Do You Want? What Companies Are Represented Here Today? Who Are Your Auditors? E&Y, Deloitte, KPMG, PricewaterhouseCoopers, Other, Don\'t Know Who Helped You Prepare Last Year? E&Y, Deloitte, KPMG, PricewaterhouseCoopers, Other, Don\'t Know Do You Have to Provide SAS 70 Reports? What Positions Do You Hold? What Are Your Goals for Today?

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Background Why Sarbanes-Oxley? Speculators and legislators got bolstered up by… Fraud Greed Plausible deniability by administrators No approach to really gage money related wellbeing of organization Too little straightforwardness into procedures Lack of responsibility Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Background Sarbanes-Oxley FAQs The Sarbanes-Oxley Act was passed in 2002. Supports: US Senator Paul Sarbanes and US Representative Michael Oxley. Applies to: traded on an open market organizations. Managed by the SEC and the new Public Company Accounting Oversight Board (PCAOB) More data: www.sox-online.com/basics.html www.sox-online.com/sarbanes_and_oxley.html www.sox-online.com/act.html www.sox-online.com/pcaob.html Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Background Stated Purpose of the Act To reinforce corporate administration and reestablish speculator certainty

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Background What\'s it REALLY About? It\'s the information, dumb! SOX amusingness: www.sox-online.com/sox_humor.html www.sox-online.com/ms_sarbox.html www.sox-online.com/sing_along_with_sarbox.html Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities How Important is SOX? In the event that a Public Company Fails… If they report material shortcomings or potentially fizzle the review: Market response (falling stock cost) If the CEO/CFO presents a terrible affirmation: a fine up to $1 million and detainment for up to ten years. In the event that it was submitted "determinedly": the fine can be expanded up to $5 million and the jail term can be expanded up to a quarter century. On the off chance that specific moves aren\'t made (e.g., hotline): SEC can arrange delisting Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Your Input: How Did Your Company Do? A year ago, did your organization Pass your 404 review Fail your 404 review Not have a 404 review Don\'t know Did your organization report shortcomings? Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities How Important is SOX? How Bad is Market Reaction? Organizations are "alleviated" when their declarations result in "just" a 3% drop in their stock cost. Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities How Important is SOX? How Bad is Market Reaction? How you can decide the potential cost of not passing your review: What\'s your organization worth? What\'s 3% of that? Cases: 3% of $100 million is $3 million 3% of a billion is $30 million Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities How Important is SOX? What This Means to You A sufficiently high potential cost implies… you ought to have the capacity to get the consideration of administration on the off chance that you trust your area of expertise is at hazard. Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities How Important is SOX? What This Means to You Also… Using hard numbers can help legitimize efficiency instruments on the off chance that they can likewise shield you from falling flat a review. Update: Just on the grounds that they didn\'t fizzle you for something THIS year doesn\'t mean they won\'t NEXT year. Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Affect of SOX on Your Company Affect on Board of Directors Must incorporate autonomous executives More obligation They should contract and manage inspectors (executives can\'t any more) New duties regarding advisory groups – review panel particularly Must give oversight of inside control framework To peruse areas of the Act that apply to Boards: www.sox-online.com/act_sections.html Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Affect of SOX on Your Company Affect on Executives Can\'t control reviewers CEO and CFO must bear witness to information in monetary reports – not any more conceivable deniability CEO and CFO must verify sufficient inward controls New official attitude = Trickle-down effect on different administrators and directors More data about key segments of the Act: www.sox-online.com/act_sections.html Management Responsibilities: www.sox-online.com/as02.html Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Affect of SOX on Your Company Affect on Finance Dept. Money related information should unambiguously move up from different divisions and areas into single report (issue if numerous frameworks are set up) Processes must be archived Controls over procedures must be recorded Much more… SOX Accounting and Auditing Center: www.sox-online.com/acc_aud.html Accountant jokes: www.sox-online.com/accountant_jokes.html Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities The New Paradigm for Data Departments: Affect on Data Departments Affect on subsidizing and time announcing Affect on money related frameworks and staff that bolster them Extra obligations – and more are coming Bottom line: Before: "Do what needs to be done!" Now: "Do it – Control It – Document it – Prove it!" Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking the Talk Controls Results of Audits Challenges and Opportunities Do it – Control it – Doc it – Prove it What Does "Take care of business" Mean? Regardless you need to carry out your occupations. Despite everything you need to carry out your employments. Despite everything you need to carry out your employments!!! Be that as it may, now, there\'s extraordinary enthusiasm for what the occupation involves, and who\'s doing it. Why? a corporate concentrate on Governance, Risk, Controls, and Security (GRCS). Copyright 2005 SOX-on the web. All Rights Reserved. Contact Gwen Thomas at gwen.thomas@sox-online.com.

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Overview Talking th

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