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#312134 - 02/03/05 07:03 PM
SOX
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Junior Member
Joined: Aug 2004
Posts: 46
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Just wondering if anyone is having a difficult time with SOX??
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#312135 - 02/03/05 07:11 PM
Re: SOX
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10K Club
Joined: Nov 2003
Posts: 12,846
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I think everyone who is involved with SOX on any level is having a difficult time, though 'difficult' may qualify for the Understatement of the Year Award.
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#312136 - 02/03/05 07:50 PM
Re: SOX
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Anonymous
Unregistered
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What triggers SOX for a bank to have to comply?
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#312137 - 02/03/05 09:15 PM
Re: SOX
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New Poster
Joined: Mar 2004
Posts: 15
Northern Michigan
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We have just started the process of documenting our procedures.
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#312138 - 02/03/05 11:11 PM
Re: SOX
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Anonymous
Unregistered
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If you're publically traded you have to comply with SOX and should already be done documenting your controls. KPMG is reviewing our documentation and testing now for our 2004 financial statements.
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#312139 - 02/04/05 02:39 PM
Re: SOX
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10K Club
Joined: Nov 2003
Posts: 12,846
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Quote:
If you're publically traded you have to comply with SOX and should already be done documenting your controls. KPMG is reviewing our documentation and testing now for our 2004 financial statements.
Not everyone is an accelerated filer.
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#312140 - 02/04/05 03:56 PM
Re: SOX
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Anonymous
Unregistered
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Thanks anon #2, I am anon #1. I am changing jobs soon and I am going from a non publically traded bank to another non publically traded bank and could not remember what triggered SOX. Thanks again!
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#312141 - 02/04/05 04:48 PM
Re: SOX
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Anonymous
Unregistered
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Well, it SUCKS is all I know. I am in the internal audit department and we are dealing with E & Y. It is something else. I heard through the grapevine that another bank in my state outsourced SOX to Deloit and Touche and a "certain" accounting firm said their documentation wasn't suffecient. I think this is going to be NEVERENDING!!!
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#312143 - 02/04/05 07:10 PM
Re: SOX
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Anonymous
Unregistered
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Market Cap has to be greater than $75M to be an early filer. We just got done with year one SOX work but year two and foward should be just as exciting.
Even though you're bank isn't public, don't be surprised if SOX haunts you in the future. The Fed and other gov't regulators will surely adapt to many regulated entities, even if they aren't public. I.E. not-for-profits etc.
Documenting Controls, testing, re-testing, re-documenting, it's all part of the excitement. Fortunately/Unfortunately...depending how you look at it, SOX will not end after year 1. It's only beginning. So good luck and make the best of it.
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#312145 - 02/15/05 05:13 PM
Re: SOX
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Member
Joined: Aug 2004
Posts: 67
Deep South
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Does anyone have suggestions on how to incorporate SOX testing into our regular audit schedule we still have to complete? Last year for the implementation we devoted 2 months to just SOX testing, which put us way behind on our regular schedule. Has anyone run into the same problem?
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#312146 - 02/15/05 06:53 PM
Re: SOX
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Anonymous
Unregistered
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Quote:
If you're publically traded you have to comply with SOX and should already be done documenting your controls. KPMG is reviewing our documentation and testing now for our 2004 financial statements.
Also, if over 500million in assets or over 500 shares of stock issued and outstanding...correct?
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#312147 - 02/15/05 07:32 PM
Re: SOX
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Anonymous
Unregistered
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Each of the line areas is responsible for completing certifications of the controls. IA has added an employee who is part audit & part SOX to test the certs, update the control documentation, etc.
We dropped all the regular audits for six months to get through the big SOX project. The audit committee understood, so we just restarted the schedule where we left off. Don't know what the FDIC will think of that, but there was nothing else we could do.
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#312148 - 02/15/05 07:44 PM
Re: SOX
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10K Club
Joined: Jul 2001
Posts: 84,368
Galveston, TX
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Quote:
Also, if over 500million in assets or over 500 shares of stock issued and outstanding...correct?
SOX is not predicated on the size of the institution or the number of shares outstanding - it's predicated on "publicly traded".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#312149 - 02/15/05 07:53 PM
Re: SOX
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Anonymous
Unregistered
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Quote:
Quote:
Also, if over 500million in assets or over 500 shares of stock issued and outstanding...correct?
SOX is not predicated on the size of the institution or the number of shares outstanding - it's predicated on "publicly traded".
Isn't there something with those 2 numbers...They stick in my mind for some reason.
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#312150 - 02/15/05 07:55 PM
Re: SOX
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Anonymous
Unregistered
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Nevermind...found it. Banks >500 Million are subject to FDICIA
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#312151 - 02/15/05 07:56 PM
Re: SOX
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10K Club
Joined: Jul 2001
Posts: 84,368
Galveston, TX
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That is correct
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#312152 - 02/17/05 07:04 PM
Re: SOX
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Junior Member
Joined: Aug 2004
Posts: 46
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We have been working on SOX since August or September and are still not done.
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#312153 - 02/17/05 07:19 PM
Re: SOX
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Power Poster
Joined: Jul 2002
Posts: 6,726
the sandy shore
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Some of our clients have been working on SOX things for over a year, and still aren't done and don't expect to be ever done.
_________________________
I disbelieved what he was saying so hard, I probably created an alternate universe where it wasn't true.
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#312156 - 03/03/05 05:43 PM
Re: SOX
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Platinum Poster
Joined: Aug 2004
Posts: 986
Massachusetts
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Today it came out that non-accelerated files have until 7/15/06 to report. What great news for those that fit in that category
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#312157 - 03/03/05 09:42 PM
Re: SOX
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Gold Star
Joined: Aug 2003
Posts: 399
KY
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Be prepared to sweat (from the heat of the copier), and bleed (from all the paper cuts) and cry (from roll forward testing)...
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#312158 - 05/03/05 05:15 PM
Need your help for SOX Testing.
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Anonymous
Unregistered
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Would deeply appreciate it if any of you SOX / IT Audit folks could write ( or email me at gobriga@yahoo.com ) a few points on how you did your SOX testing? If you did not do it, but, observed how the EA's did it, even that knowledge would help. Sharing your pratical SOX testing strategy, methodology, and how you did it, will help me extremely at a very critical juncture. Please consider writing the steps you did in your testing. Also, was test data given to you or did you have to prepare them, etc. Thank you very much in advance.
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