IT SOX & FDICIA Compliance

Ensuring compliance with IT SOX (Sarbanes-Oxley Act) and IT FDICIA (Federal Deposit Insurance Corporation Improvement Act) is critical for organizations to maintain the integrity and security of their financial reporting processes.  Our outsourced IT SOX and IT FDICIA testing services provide thorough and expert evaluations to ensure your organization meets all regulatory requirements, external audit needs, and industry standards. 

 

We tailor our approach to each company based on their needs.  This approach allows us flexibility in determining testing procedures.  This allows us to be efficient and effective in our procedures while meeting the needs of all stakeholders.  Often we see too many IT controls being documented and tested.  And while these controls may be important to the company, they may not be needed as an Internal Control over Financial Reporting.  We work with our clients and their auditors to determine what should be tested and focus on those high risk areas.

 

Our testing methodology is based upon standard frameworks including COBIT and our experience in working with many external audit firms including Big 4 firms and regional firms.  Our process includes:

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• Understanding the Objectives:  We understand that meeting the needs of your organization and the external auditors are both vital parts of controls testing.  To that end, we ensure objectives are understood and communicated.

• Control Design:  We will perform design testing to ensure controls are designed properly. 

• Control Testing:  We perform detailed testing of IT controls to ensure they are functioning as intended and mitigating identified risks.

• Documentation and Reporting:  We provide comprehensive documentation of our testing procedures and results, along with clear, actionable reports for management.  We will provide our workpapers to management in order for them to be given to the external auditors.

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Reach out to Hark Advisors today to leverage our deep expertise in IT Controls over Financial Reporting and meet your compliance needs.