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Big4Guy: Handling Significant Deficiencies for Sarbanes Oxley Compliance

Big4Guy: Handling Significant Deficiencies for Sarbanes Oxley Compliance

by Rick Turoczy on April 20, 2006

In the Sarbanes Oxley compliance journey, many companies face the onslot of significant deficiencies. Identifying a significant deficiency is one thing, tacking it is another. My experience shows that even though companies are able to identify significant deficiencies, but when the time comes to remediate them, companies are in a fix. Recently, we helped one of our clients in the automotive industry in setting up an action plan for remediating significant deficiencies. Here are some jottings from the plan for your guys!

Prioritizing the deficiencies – After identifying deficiencies it is important to prioritize them. This can be done based on significance, financial statement impact, magnitude, likelihood. Our client used an decision matrix incorporating the factors above.

Big4Guy: Handling Significant Deficiencies for Sarbanes Oxley Compliance

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