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1、整理ppt1The Importance of IT Controls to Sarbanes-Oxley Compliance. 2004 Deloitte & Touche LLP整理ppt2 Provide a high-level overview of Sarbanes-Oxley and the internal control certification requirements Discuss the importance of information technology in internal control over financial reporting Des

2、cribe 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 Objectives 2003 Firm Name/Legal E

3、ntity整理ppt3Setting the Stage2004 Deloitte & Touche LLP整理ppt4Setting the Stage What is internal control? Internal control is broadly defined as a process, effected by an entitys board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement

4、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 Law The Sarbanes-Oxley Act of 2002 was created to restore investor confidence in the public markets Sec

5、tion 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 Preparing for Sarbanes-Oxley compliance is a significant and challenging task There are many requirements,

6、 including the identification of significant financial statement accounts, processes and systems that support them and then documenting and testing them 2004 Deloitte & Touche LLP整理ppt5Overview of Internal Control Certification RequirementsSection 302 Certification OverviewCEO and CFO to make sp

7、ecific certifications as of the end of each quarterly and annual reporting period, including: Report contains no untrue statements Report is fairly presented in all material respects Responsibility for design and maintenance of disclosure controls and procedures as well as internal controls over fin

8、ancial 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 period: Their responsibility for establishing and maintaining effective internal controls over financial reporting Their assessment of inte

9、rnal controls, accompanied by the independent auditors attestation report Effective for annual periods ending after November 15, 2004 (small business and foreign filers July15, 2005).2003 Firm Name/Legal Entity整理ppt6Understanding the Rules Impact to IT2004 Deloitte & Touche LLP整理ppt7Understandin

10、g the Rules Impact to IT Management is required to assess the design and effectiveness of 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 asse

11、ssment as well their own opinion on the companys internal controls. Auditor must perform 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 t

12、he design effectiveness of IT controls to determine whether they are properly designed to 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 & Tou

13、che LLP整理ppt8(paragraph 47)“The auditor should obtain 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

14、input data, sorting and merging data, making calculations, 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 requi

15、red to initiate, authorize, record, process and report 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 LLP整理ppt9(paragraph 69)“The auditor should identify ea

16、ch significant process 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 missta

17、tement including a 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 detecti

18、on of unauthorized acquisition, use, or disposition of the companys assets. PCAOB statements applicable to Application Controls:Understanding the Rules Impact to IT contd2004 Deloitte & Touche LLP整理ppt10(paragraph 40)“Determining which controls should be tested Generally, such controls include i

19、nformation 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 operations, and access to

20、programs and data” PCAOB statements applicable to IT General Controls:Understanding the Rules Impact to IT contd2003 Firm Name/Legal Entity整理ppt11The Importance of Information Technology in Internal Control over Financial Reporting 2004 Deloitte & Touche LLP整理ppt12 For most organizations, IT is

21、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 include application controls - those that are embedded in financial and business applications g

22、eneral 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 nature and characteristics of a companys use of information technology in its information s

23、ystem affect the companys internal control over financial reporting”The Importance of Information Technology (IT) in Internal Control over Financial Reporting2004 Deloitte & Touche LLP整理ppt13Application Controls SoDData integrityCompletenessValidationGeneral Computing ControlsInformation Securit

24、yOperationsDatabase Impl. & SupportNetwork SupportBusiness ProcessClasses of Transactions SalesReturnsWrite offsSignificant Account Balance Balance Sheet (AR)IncomeStatementG/LInventoryOtherAR Mgt ProcessFCRPSales ProcessProcess StagesInitiateRecordProcessReport Application Impl. & Maint.Sys

25、tem Software SupportThe Role of Information Technology in Internal Control over Financial Reporting contd2004 Deloitte & Touche LLP整理ppt14 Account balance: Trade AR, Sales Classes of Transactions: Invoices, Sales orders Business Process: AR, Sales Order processes Process Stages: Initiate, record

26、, process Application Controls: Access controls Built in limits for credit approval Restricted access to pricing table GCC Controls: Program change Operations Network & system securityLink Accounts and Assertions to IT: An Example Customerorder entry Accounts Receivable Invoice controls SAP, Ora

27、cle, Other ApplicationsGeneral computing controls cover security access, change management, operations, systems and network support, data retention, etc.Order ProcessingOrder & supplier controlsSalesSub-processCustomer controlsIT InfrastructureNetworksSystem SoftwareDatabases and InformationSecu

28、rityApplication controls cover authorized changes, segregation of duties, validity, completeness and timeliness of reporting of financial information.2003 Firm Name/Legal Entity整理ppt15Cobit IT Control Framework Overview2004 Deloitte & Touche LLP整理ppt16COBIT A Model for General Computer Controls

29、The IT Governance Institute (www.ITGI.org) has recently published “revised” guidance 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”

30、 The publication is the result of a joint effort of industry and auditors, with leadership 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 LLP整理ppt17 PCAOB designates COSO as the

31、 prescribed standard control framework and has 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 p

32、rovides 4 domains of IT control CobiT controls 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 CommunicationMonitorin

33、gCOSO ComponentsCobiT ObjectivesPlanning and OrganizationPlanning and OrganizationSection 302Section 302Delivery and SupportDelivery and SupportMonitoringMonitoringAcquisition and ImplementationAcquisition and ImplementationSection 404Section 404Information Technology controls should consider the ov

34、erall governance framework to support the quality 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-OxleyC

35、OBIT A Model for General Computer Controls contd2004 Deloitte & Touche LLP整理ppt18 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 Ot

36、her control 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 Object

37、ives Control 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 Co

38、mmunicate management 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 infrastructu

39、re Develop and maintain 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 Ass

40、ist and advise customers Manage 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 fo

41、r General Computer Controls contd2004 Deloitte & Touche LLP整理ppt19 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

42、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

43、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,

44、problem management) Access to programs and data (applications, database, operating system, network)2004 Deloitte & Touche LLP整理ppt20Top 5 List 404 IT Controls RequirementsSecurity Application and platform based Focused on applications that may impact financials and supporting infrastructure Requ

45、ires 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 Control Need to ensure that procedures a

46、re 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 be on determining of there are clear

47、 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 changes go in the production enviro

48、nment Auditors may evaluate new financial systems; data conversion and testing are critical2004 Deloitte & Touche LLP整理ppt21Most Common IT Control Gaps To RemediateChange control processes not fully in place (especially in distributed or web based environments) Security procedures, strategies, a

49、nd profile structures not documented for critical applications. Organizational security policies, procedures, and roles and responsibility gaps. Security administration procedures lack appropriate controls or consistency Inadequate controls to delete or change access when individual leaves of change

50、s job responsibilities (especially contractors) Inadequate approval of access changes Access levels not regularly reviewed and approved by managementExcessive access to systems Privileged access to operating system, database, and application environment Inadequate segregation of duties Application d

51、evelopers and DBAs have access to production Infrastructure supporting applications is not secure (network, operating system, database) IT controls not integrated into key business processes (e.g. SDLC, change control, compliance, testing and data conversion procedures) Lack of a regular process to

52、verify that controls continue to be adequate and effective (at least quarterly)No long term strategy to evaluate and address risksThe areas that will get hit hardest are security and change control2003 Firm Name/Legal Entity整理ppt22IT Control Readiness Roadmap2004 Deloitte & Touche LLP整理ppt23SOA

53、Readiness Roadmap Preparing for SOX 404 requires a structured and measured approach, otherwise you will find yourself doing “too much” or “too little” The current PCAOB rules require auditors to attest on “management assessment process” As such, the readiness roadmap that many organizations are foll

54、owing demonstrates the assessment process through a series of steps and activities that align to the PCAOB rules2004 Deloitte & Touche LLP整理ppt24SOA Readiness RoadmapBusiness ValueSarbanes-Oxley IT Compliance1. Plan & ScopeFinancial reporting processSupporting systems3. Identify Significant

55、ControlsApplication controls - over initiating, recording, processing & reportingIT General Controls5. Evaluate Control DesignMitigates control risk to an acceptable levelUnderstood by users8. Document Process & ResultsCoordination with AuditorsInternal sign-off (302, 404)Independent sign-of

56、f (404) 7. Identify & Remediate DeficienciesSignificant deficienciesMaterial weaknessRemediation6. Evaluate Operational EffectivenessInternal auditTechnical testingSelf assessmentInquiry +All locations and controls (annual)4. Document Controls Policy manualsProceduresNarrativesFlowchartsConfigur

57、ationsAssessment questionnaires2. Perform Risk AssessmentProbability & Impact to businessSize / complexity9. Build SustainabilityInternal evaluationExternal evaluation2004 Deloitte & Touche LLP整理ppt25A Readiness RoadmapPlan & ScopeKey Considerations In-scope vs out-of-scope systems Oppor

58、tunities for improvement Prevention, identification and detection of fraudKey Components Financial reporting processes Initiating Recording Processing Reporting Classes of transactions Non-routine and systematic Understand the financial reporting process and identify the information systems and rela

59、ted resources that are used.2004 Deloitte & Touche LLP整理ppt26A Roadmap for CompliancePerform Risk AssessmentKey Components IT Risks Quality and Integrity failure Security failure Availability failure Risk assessment Probability of failure Impact to the businessKey Considerations Specific risk ar

60、eas Data validation Data conversion Interfaces Management reports Complex or critical calculations Spreadsheets Identify risks associated the information systems and related IT resources (ie. what could go wrong?)2004 Deloitte & Touche LLP整理ppt27A Roadmap for ComplianceIdentify Significant ControlsKey ComponentsApplication controlsEmbedded within business processesDirectly support financial assertionsGeneral controlsProgram developmentProgram c