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Solutions
Corporate Governance
Financial Compliance
The regulations implementing the Sarbanes Oxley Act (SOX) and Canadian Bill 198 require organizations to demonstrate the availability, integrity, the non-repudiation and conduct audits to ensure compliance.
These guidelines have radically changed the context of governance, internal auditing and control by, among other things, requiring the CEO and CFO to produce certification for the internal controls dealing with financial information and also information control.
DECIMAL offers a well organized approach specifically adapted to the size of your company. The approach is based on the Committee of Sponsoring Organizations of the Treadway Commission. COSO is both an authority in this area and the most widely used initiative; it also abides by SEC criteria. Following criticisms regarding its complexity and the costs of compliance, COSO responded by issuing a version for smaller sized companies. This applies to all organizations as well, whatever the size. Since 2007, note that the PCAOB (Public Company Accounting Oversight Board) Auditing Standard No. 5, created by the Sarbanes-Oxley Act of 2002 to oversee the auditors of public companies, allows a financial risk-based approach.
We can help you meet the legally mandated compliance standards, eliminate non-value-added control activities (and thereby increase the flow of financial information throughout your company), achieve effective governance and improve the confidence of your investors.
Our solution, eQCM Internal Controls Manager (ICM), is a powerful, flexible and adaptable system that allows companies to fully document their internal control environment in response to corporate governance legislation such as the Sarbanes Oxley Act, Canadian Bill 198 or internal governance objectives. Companies can fully document their entities, processes, accounts, control objectives, risks and controls in a hierarchical financial control structure that contains an embedded indicator console.
With ICM, CEOs, CFOs, internal and external auditors, process owners, and other designated individuals can perform all of the required activities to comply with the regulations for the internal controls over financial reporting and disclosure.
Business Applications
- SOX Section 302, 404 compliance
- Canadian Bill 198
- Financial Control Self Assessments
- Financial Control Internal Audits
- Control Documentation and Signoff
- Governance Objectives
- IT Controls
eQCM Internal Controls Value Proposition
- Organizations can model their environment and control frameworks using the flexible financial control structure.
- Organizations can optimize their resources by using a riskbased approach to identify controls needing more extensive testing.
- Push accountability down to the appropriate levels of the organization with configurable review and certifications.
- Management and executives can use the reports to determine areas for control optimization, risk reduction, and assertion vulnerabilities, as well as changes in control effectiveness.
- Model their control environment on selected frameworks, including the COSO Framework.
- Centralize their documentation on internal controls through the mapping of controls and control objectives, risks, processes, accounts, and entities.
- Assemble a comprehensive financial control structure linking their organizational structure, chart of accounts, business processes, control objectives, risks and the controls themselves
- Identify target processes and accounts using a risk based approach to categorize controls and assign testing frequencies, methods, and responsibilities.
- Develop test plans with the possibility of adding configurable questionnaires.
- Create flexible workflows for evaluating the design of controls, testing their operational effectiveness, their certification and sign-off.
- Log issues, rank deficiency levels, assemble and execute corrective action plans.
- Produce management reports and indicators for test results, evaluation of findings, control effectiveness and others.
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