BEST PRACTICES

• Virtual SOX Compliance– How costs can be lowered – by Bob Benoit and Richard Lanza (April 2007)
  
  
• Big 4 Issued Two Investor Resource Guides on SOX 404 to assist investors - individual and institutional, small and large in understanding the new internal control reporting. Firms are encouraged to distribute these two guides to their clients.
  
  The direct links to these resource guides are below. Learn more about the development of these resource guides and a related conference, click here.
  
  
  • Internal Control Over Financial Reporting: An Investor Resource
  • Perspectives on Internal Control Reporting: A Resource for Market Participants

IMPLEMENTATION FRAMEWORKS

• COSO, a voluntary private sector organization dedicated to improving the quality of financial reporting published, Enterprise Risk Management- Integrated Framework.
  
  
• COSO Guidance for Smaller Companies Reporting on Internal Control over Financial Reporting – COSO published guidance entitled, Guidance for Smaller Public Companies Reporting on Internal Control Over Financial Reporting that focuses on the unique needs of smaller companies in applying COSO’s Internal Control Integrated Framework, which was issued in 1992. View the CAQ Comprehensive Summary and Comment Letter submitted to COSO.
   
• Guidance on Monitoring Internal Control Systems - COSO exposed discussion document on Monitoring internal controls in September 2007 requesting public comment - comment period ends on October 31, 2007. View CAQ summary.

CAQ RESOURCE PAGES RELEVANT TO SOX

• COSO - Learn more about COSO’s tools and guidance.
  
  
• Antifraud - Discover information and tools to combat fraud in your specific role as an auditor.
  
  
• XBRL - Learn more about XBRL in order to understand how to obtain more rapid and reliable data on a company’s financial performance; greatly reduce effort and costs in gathering and analyzing data for benchmarking purposes; focus efforts on analysis and value-added work and to simplify and automate tasks.
  
  
• Employee Benefit Plan Audits and Form 11-K Latest Industry Developments - Learn more about the latest industry developments related to employee benefit plans’ 11-K filings; and the SEC.
  
  

Sarbanes-Oxley

• Tools for SOX 404 Consulting Engagements - Provides tools that may be useful to your firm in performing certain Sarbanes-Oxley consulting services.
  
  
• Quick Reference Guide - SEC Filing Dates for 10Ks and SOX 404 Reports - Mark your calendars for SOX 404 Report deadlines.
  
  
• Investment Companies Expert Panel Issues Revised N-SAR Letter - An illustration of the independent registered public accounting firm’s report on a registered investment company’s internal control.
  
  
• Sample CEO/CFO Sub Certifications
  

For additional assistance with SOX matters, call the CAQ Resource Line at 888-817-3277 or send an email to center@theCAQ.org.