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Sarbanes Oxley : Auditing : Sarbanes Oxley
Deloitte & Touche Issues Guidance for Sustaining 404 Compliance
Publication Adds to Firm's Substantial Library of Sarbanes-Oxley-related Guidance
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Steve Wagner
Partner & Co-Chair, Sarbanes-Oxley Steering Committee
Deloitte Touche Tohmatsu
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Over the last year, Sarbanes-Oxley
section 404 projects have strained many public companies. Despite the
substantial resources -- in time, personnel, and dollars -- expended on
compliance, Section 404 work has often been difficult and sometimes
chaotic.
In response to a compelling need to bring more order, predictability,
and
value to section 404 compliance, Deloitte & Touche LLP, one of the
nation's
leading professional services firms, has released a new publication,
Under
Control: Sustaining Compliance with Sarbanes-Oxley in Year Two and
Beyond.
"Initial compliance efforts were tougher than almost anyone
anticipated,"
said Steve Wagner, partner and co-chair of the Sarbanes-Oxley Steering Committee at Deloitte. "It is essential that companies quickly move
beyond
the 'fire-drill' approach that characterized many first-year projects.
The
short- term focus on compliance needs to give way to a longer-term
approach
toward sustainable practices and processes. Our new publication, Under
Control, can help companies get there."
Under Control provides a straightforward discussion of the essential
characteristics of sustainability, as well as plain-English guidance
for
deriving value from internal control programs. The document clearly and
simply explains key concepts, provides practical advice, and analyzes
critical shortcomings that many companies experienced in their
first-year
efforts.
Drawing heavily on Deloitte & Touche's field experience with more than 700 Sarbanes-Oxley engagements, the publication is based on the Sustained Compliance Solution Framework, a comprehensive approach to long-term
sustainability developed by Deloitte & Touche to help companies:
- reduce the cost of compliance
- optimize controls and related processes
- integrate financial reporting and internal control processes
- streamline management's quarterly certification of financial results
and controls
- redirect compliance efforts away from risk aversion and toward risk
intelligence
- improve accountability throughout the organization
- enhance market competitiveness
Under Control is part of Deloitte & Touche's growing library of Sarbanes- Oxley and internal control-related materials. Previous Deloitte &
Touche
Sarbanes-Oxley guidance publications include the following:
- Taking Control: practical advice for Section 404 compliance
- A Bridge to Excellence: Deloitte & Touche's point of view on Sarbanes-Oxley compliance
- A Capital Idea: presents a persuasive argument that going beyond the Sarbanes-Oxley mandates can help companies turn compliance costs
into business value
- Ten Threats to Compliance: identifies 10 key internal control issues that many companies find especially challenging to address
Printed copies of Under Control and related publications can be obtained at no charge through local Deloitte & Touche offices throughout the United States. An electronic version of Under Control is available at
www.deloitte.com/us/undercontrol.
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