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1、The Importance of IT Controls to Sarbanes-Oxley Compliance. 2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 2 Provide a high-level overview of Sarbanes-Oxley and the internal control certification requirements Discuss the importance of information technology in internal control
2、 over financial reporting Describe how the Sarbanes-Oxley section 404 rules impact information technology Provide an overview of the Cobit IT control framework Provide an example of a readiness program roadmap Summarize the importance and impact of IT controls to Sarbanes-Oxley complianceTodays Obje
3、ctives 2003 Firm Name/Legal EntityImportance of IT Controls to Sarbanes-Oxley 3Setting the Stage2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 4Setting the Stage What is internal control? Internal control is broadly defined as a process, effected by an entitys board of directo
4、rs, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations Internal control is now the
5、Law The Sarbanes-Oxley Act of 2002 was created to restore investor confidence in the public markets Section 404 of the Act requires management to establish and maintain internal control and requires the independent auditors to evaluate Compliance deadline: Year-ends on or after November 15, 2004 Pre
6、paring for Sarbanes-Oxley compliance is a significant and challenging task There are many requirements, including the identification of significant financial statement accounts, processes and systems that support them and then documenting and testing them 2004 Deloitte & Touche LLPImportance of IT C
7、ontrols to Sarbanes-Oxley 5Overview of Internal Control Certification RequirementsSection 302 Certification OverviewCEO and CFO to make specific certifications as of the end of each quarterly and annual reporting period, including: Report contains no untrue statements Report is fairly presented in a
8、ll material respects Responsibility for design and maintenance of disclosure controls and procedures as well as internal controls over financial reporting Became effective in 2002 (amended in June 2003)Section 404 Certification OverviewCEO and CFO to certify as of the end of every annual reporting p
9、eriod: Their responsibility for establishing and maintaining effective internal controls over financial reporting Their assessment of internal controls, accompanied by the independent auditors attestation report Effective for annual periods ending after November 15, 2004 (small business and foreign
10、filers July15, 2005).2003 Firm Name/Legal EntityImportance of IT Controls to Sarbanes-Oxley 6Understanding the Rules Impact to IT2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 7Understanding the Rules Impact to IT Management is required to assess the design and effectiveness o
11、f its internal control over financial reporting and provide an assertion to that effect in the published financial statements. The companys external auditors are required to express an opinion on managements assessment as well their own opinion on the companys internal controls. Auditor must perform
12、 a walkthrough of major classes of transactions for significant processes to understand process flows, and assess the design and effectiveness of controls including application and IT general controls. Evaluate the design effectiveness of IT controls to determine whether they are properly designed t
13、o achieve relevant assertions. Perform tests of the operating effectiveness of IT controls that are necessary to achieve relevant assertions.Key Compliance RequirementsImpact to IT Controls2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 8(paragraph 47)“The auditor should obtain
14、 an understanding of the design of specific controls by applying procedures that include tracing transactions through the information system relevant to financial reporting”(paragraph 73)“Most processes involve a series of tasks such as capturing input data, sorting and merging data, making calculat
15、ions, updating transactions and master files, generating transactions, and summarizing and displaying or reporting data. The processing procedures relevant for the auditor to understand the flow of transactions generally are those activities required to initiate, authorize, record, process and repor
16、t transactions.” The PCAOB rules are clear - auditors must understand how transactions flow through the system not around itUnderstanding the Rules Impact to IT contd2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 9(paragraph 69)“The auditor should identify each significant pro
17、cess over each major class of transactions affecting significant accounts or groups of accounts and Understand the flow of transactions, including how transactions are initiated, authorized, recorded, processed, and reported. Identify the points within the process at which a misstatement including a
18、 misstatement due to fraud related to each relevant financial statement assertion could arise. Identify the controls that management has implemented to address these potential misstatements. Identify the controls that management has implemented over the prevention or timely detection of unauthorized
19、 acquisition, use, or disposition of the companys assets. PCAOB statements applicable to Application Controls:Understanding the Rules Impact to IT contd2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 10(paragraph 40)“Determining which controls should be tested Generally, such c
20、ontrols include information technology general controls, on which other controls are dependent”(paragraph 50)“Some controls have a pervasive effect on the achievement of many objectives for example, information technology general controls over program development, program changes, computer operation
21、s, and access to programs and data” PCAOB statements applicable to IT General Controls:Understanding the Rules Impact to IT contd2003 Firm Name/Legal EntityImportance of IT Controls to Sarbanes-Oxley 11The Importance of Information Technology in Internal Control over Financial Reporting 2004 Deloitt
22、e & Touche LLPImportance of IT Controls to Sarbanes-Oxley 12 For most organizations, IT is pervasive and critical to the financial reporting process Financial and routine business applications are commonly used to initiate, authorize, record, process and report transactions Relevant IT controls incl
23、ude application controls - those that are embedded in financial and business applications general computer controls underlying infrastructure components that support the applications Statements made by the Public Company Accounting and Oversight Board (PCAOB) on the impact of IT (paragraph 75):“The
24、nature and characteristics of a companys use of information technology in its information system affect the companys internal control over financial reporting”The Importance of Information Technology (IT) in Internal Control over Financial Reporting2004 Deloitte & Touche LLPImportance of IT Controls
25、 to Sarbanes-Oxley 13Application Controls SoDData integrityCompletenessValidationGeneral Computing ControlsInformation SecurityOperationsDatabase Impl. & SupportNetwork SupportBusiness ProcessClasses of Transactions SalesReturnsWrite offsSignificant Account Balance Balance Sheet (AR)IncomeStatementG
26、/LInventoryOtherAR Mgt ProcessFCRPSales ProcessProcess StagesInitiateRecordProcessReport Application Impl. & Maint.System Software SupportThe Role of Information Technology in Internal Control over Financial Reporting contd2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 14 Acco
27、unt balance: Trade AR, Sales Classes of Transactions: Invoices, Sales orders Business Process: AR, Sales Order processes Process Stages: Initiate, record, process Application Controls: Access controls Built in limits for credit approval Restricted access to pricing table GCC Controls: Program change
28、 Operations Network & system securityLink Accounts and Assertions to IT: An Example Customerorder entry Accounts Receivable Invoice controls SAP, Oracle, Other ApplicationsGeneral computing controls cover security access, change management, operations, systems and network support, data retention, et
29、c.Order ProcessingOrder & supplier controlsSalesSub-processCustomer controlsIT InfrastructureNetworksSystem SoftwareDatabases and InformationSecurityApplication controls cover authorized changes, segregation of duties, validity, completeness and timeliness of reporting of financial information.2003
30、Firm Name/Legal EntityImportance of IT Controls to Sarbanes-Oxley 15Cobit IT Control Framework Overview2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 16COBIT A Model for General Computer Controls The IT Governance Institute (www.ITGI.org) has recently published “revised” guida
31、nce for IT professionals on how to address Sarbanes-Oxley from an IT perspective April 2004 “Sarbanes-Oxley; The importance of information technology in the design, implementation and sustainability of internal control” The publication is the result of a joint effort of industry and auditors, with l
32、eadership from Deloitte and others The ITGI is a recognized global leader in IT governance, control and assurance with members in more than 100 countries2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 17 PCAOB designates COSO as the prescribed standard control framework and has
33、 become the control framework of choice for SOX compliance All 5 layers must be considered when evaluating internal control However, COSO does not provide specific guidance around IT control. CobiT is a widely accepted IT control framework (ITGI) CobiT provides 4 domains of IT control CobiT controls
34、 address the 5 layers of COSO With the development of this approach, organizations can be confident that they are taking an approach that reflects COSO requirementsControl EnvironmentRisk AssessmentControl ActivitiesInformation and CommunicationMonitoringCOSO ComponentsCobiT ObjectivesPlanning and O
35、rganizationPlanning and OrganizationSection 302Section 302Delivery and SupportDelivery and SupportMonitoringMonitoringAcquisition and ImplementationAcquisition and ImplementationSection 404Section 404Information Technology controls should consider the overall governance framework to support the qual
36、ity and integrity of informationCompetency in all 5 layers of COSOs framework are necessary to achieve an integrated control programControls in Information Technology are relevant to both Financial Reporting and Disclosure requirements of Sarbanes-OxleyCOBIT A Model for General Computer Controls con
37、td2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 18 The ITGI publication provides guidance to IT professionals on how to meet the Sarbanes-Oxley challenge Detailed control objectives are provided for each CobiT domain and mapped to their respective COSO component Other control
38、 guidelines were reviewed and reconciled to this approach during the development process, including ISO17799, Common Criteria, ITIL, and SysTrust Organizations should assess their requirements on an individual basis and tailor their approach accordingly COSO Component CobiT Control Objectives Contro
39、l Environment Risk Assessment Control Activities Information & Communication Monitoring Planning & Organization Define a strategic IT plan Define the information architecture Determine technological direction Define the IT organization and relationships Manage the IT investment Communicate managemen
40、t aims and direction Manage human resources Ensure compliance with external requirements Assess risks Manage projects Manage quality Acquisition & Implementation Identify automated solutions Acquire and maintain application software Acquire and maintain technology infrastructure Develop and maintain
41、 procedures Install and accredit systems Manage changes Delivery & Support Define and manage service levels Manage third-party services Manage performance and capacity Ensure continuous service Ensure systems security Identify and allocate costs Educate and train users Assist and advise customers Ma
42、nage the configuration Manage problems and incidents Manage data Manage facilities Manage operations Monitoring Monitor the processes Assess internal control adequacy Obtain independent assurance Provide for independent audit COSO ComponentsCobiT ObjectivesCOBIT A Model for General Computer Controls
43、 contd2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 19 The CobiT SOA framework identified a sub-set of these areas for the purpose of focusing on SOA requirements Company level: Planning & Organizing / Monitoring COBIT A Model for General Computer Controls contdPlanning & Org
44、anization IT Strategic Planning IT organization and relationships Management of human resources Educate and train users Information architecture Communication of mgmt aims and direction Assessment of risks Manage the IT investment Manage projectsMonitoring Compliance with external requirements Manag
45、ement of quality Ensure continuous service Performance and capacity Monitoring Adequacy of internal controls Independent assurance Internal audit Activity level: Acquisition and Implementation / Delivery and Support Program Development (SDLC) Program Changes Computer Operations (scheduling, backup,
46、problem management) Access to programs and data (applications, database, operating system, network)2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 20Top 5 List 404 IT Controls RequirementsSecurity Application and platform based Focused on applications that may impact financials
47、 and supporting infrastructure Requires secure operating systems, database, network, firewalls and infrastructure Auditors will look for excessive access; lack of segregation of duties; inadequate approval of access; they will be testing key processes to determine that they are effectiveChange Contr
48、ol Need to ensure that procedures are in place to control and ensure proper approval of changes to production Technical controls must tightly limit and control developer access to productionDisaster Recovery Focus will be on basic backup and recoverability of financial dataIT Governance Focus will b
49、e on determining of there are clear policies, procedures, and communications within IT Are there clear segregation of duties? Is there the appropriate “tone at the top” of the IT organization?Development And Implementation Activities Proper controls need to be built in before a new system or system
50、changes go in the production environment Auditors may evaluate new financial systems; data conversion and testing are critical2004 Deloitte & Touche LLPImportance of IT Controls to Sarbanes-Oxley 21Most Common IT Control Gaps To RemediateChange control processes not fully in place (especially in dis