Step 5: Testing and Remediation
ANNOUNCEMENT
Compliance PARTNER, Internal Controls™ now includes the full Testing Solution to assist companies during the testing and remediation stages on their path to internal controls disclosure compliance.
Speed and Cost Savings
This Testing Solution is unique to the market and will help companies expedite testing and reap savings by minimizing outside consultant use. Most companies experience a cost saving of 35-50% by using the Testing Solution over traditional methods.
Sustainable Testing
All your documentation and testing is stored in a dynamic software repository making it easy to carry on and move forward from documentation to testing and to create revisions to documentation and test procedures. Year over year, editing is simplified and can be performed in a minimum amount of time.
Templates
The Testing Solution includes pre-populated best practice templates and tests. Testing guidance and effectiveness guidelines are also included to expedite your testing process.
With pre-populated templates for best practice controls and pre-populated tests with guidance and testing effectiveness guidelines to expedite your testing process.
In addition to the pre-populated tests, Compliance PARTNER™ Testing Solution includes tables for selecting samples for both statistical and non-statistical sampling.
It also shows you what a positive test result and what a failure look like and outlines the implications of failure.
Compliance PARTNER Testing Solution includes:
- Best practice internal controls over financial reporting models with the capability to flowchart and product risk control matrices automatically
- Capability to produce internal controls portals with the push of a button.
- The standard content for the 2008 Effectiveness Testing portion of NI 52-109 A module that provides a methodology for testing and the use of statistical and non-statistical sampling techniques
- A project plan and scoping spreadsheet for re-scoping of testing
Comprehensive best practice content modules cover:
- Entity level controls documentation and testing
- Accounts Payable/Purchasing documentation and testing
- Financial Reporting documentation and testing
- Treasury and Equity documentation and testing IT controls documentation and testing tailored with the 2007 COSO small company guidance features Inventory documentation and testing
- Order Processing, Revenue and Accounts Receivable documentation and testing
- Fixed Assets documentation and testing
- Payroll documentation and testing
Press-of-a-button Risk Control Matrix in Microsoft Excel®
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