Sarbanes Oxley 404 Compliance - How Nov. 15, 2004 Deadline Affects You

Fast Relief for Sarbanes Oxley Section 404 Compliance

Section 404 of the Sarbanes-Oxley Act requires management to confirm the effectiveness of their IT and financial controls in an "internal control report", which is contained within the annual report (10-K) issued to the public. But what exactly is an internal control report, and why is it important to you?

The Section 404 Internal Control Report

First, the internal control report must affirm management's responsibility for controls and procedure, and second, it must contain an assessment of the effectiveness of the internal controls and procedures for financial reporting. Although both of these issues might at first appear difficult to solve, they are actually not as hard as you would think.

Management's Responsibility for Controls and Procedures

Affirming management's responsibility for controls and procedures means more than to simply say management believes in or trusts their system. The affirmation will also need to include a program for a code of ethics for senior financial officers. The program must include prompt disclosures of any changes to your ethics program. So how do you do this?

Business Ethics and Compliance Program

You can easily implement a business ethics program using a step-by-step guide for developing your firm's business ethics and compliance program. This manual will save you time researching, writing and editing your program. It provides sample policies, surveys, forms and training session outlines that are fully editable using MS Word. And it is also fully endorsed by The National Association of Corporate Directors (NACD) as a tool to maintain a culture of integrity.

Internal Controls

Your internal control report must also contain an assessment of the effectiveness of your internal controls and procedures for financial reporting. In practical terms, control is equivalent to predictability. Everyday management creates forecasts and budgets to predict the future. And the further into the future you can accurately predict, then the more control you have.

Achieve More Control Over Your Forecasts and Budgets

A training class for creating well defined processes shows you how to attain more control. Real world exercises and examples explain how to increase management effectiveness, achieve process control, communicate clear procedures, and verify if your processes are working. So what about procedures?

Procedures Effectiveness

For dealing with Section 404 of the Sarbanes-Oxley Act, you can look at products like the Management CFO Value Series that includes Accounting, Human Resources, as well as policies, procedures and forms for other departments. Such procedures will save you time researching best practices, creating a standard format, and thinking of clear and concise paragraphs to write.

Easier Section 404 Compliance

Your internal control report is the key to your Sarbanes-Oxley Section 404 compliance. You should also look at a business ethics and compliance program, attend a training class for creating well-defined processes to learn more about management effectiveness, and use a CFO Management Value Series to speed the development of your procedures. You want to achieve fast, easy, and effective relief for your Sarbanes-Oxley Section 404 compliance.

Chris Anderson has over 18 years of sales, marketing and business management experience working with business process design, software and systems engineering. He is also co-author of policies and procedures manual products, producing the layout, process design and implementation to increase performance. He is currently the Managing Director of Bizmanualz, Inc. Visit: http://www.bizmanualz.com

---

10 Steps When You Need Help in Your Business

If you think ahead and plan, many nightmare panic and... Read More

Why Free Agent Thinking Is Good For Your Company

It's no secret! Day after day the news is riddled... Read More

Hiring Great People And How to Be One Yourself: Five Secrets

Bad news.Your senior vice-president, your marketing director or your accounting... Read More

Managers Who Spend PR $$ Wisely

If you are a department, division or subsidiary manager, your... Read More

On the Road to Assertiveness

Learning to be assertive takes time, courage and the ability... Read More

Want to Manage Your Time? Get Real!

You know the drill - the ridiculous deadlines, the relentless... Read More

He Hate Me: Turning Their Bad Attitude Into Your Great Results

"He Hate Me" was the nickname of Rod Smart, a... Read More

Twitch Speed: Reaching Younger Workers Who Think Differently

Every parent, educator, and manager knows that "Nintendo children"--those born... Read More

Power of Pinpointing Accountability

I have always said that if I were to write... Read More

How to Hire the Right People

One of the biggest challenges any business owner or manager... Read More

Management Coaching to Improve Relationships with Work Associates

As a recent employee to your job, you are becoming... Read More

Don?t Get Down ? Manage Up!

"Experience is not what happens to a man; it is... Read More

6 Ways to Keep Things Simple

Six Ways to Keep Things Simple We can have greater... Read More

To Thine Own Self Be True--Its Better for Business: What Arthur Andersen Would Say to His Company

As a child, you probably heard, "to thine own self... Read More

Real Costs in Distribution and What it Means To Your Company

Ever feel that all the lawyers in thh Country need... Read More

Eliminate Performance Anxiety Forever

You've had many years of training in your craft as... Read More

The Myth Of Relationship Selling Revealed At Last

The second you quit being the 'best deal' for your... Read More

Planning For Growth

Are you planning your business or are you... Read More

Prepare A Winning CV

There is every chance that elements of this article may... Read More

Procrastination and JDI!

In a management role procrastination can seriously hold back progress... Read More

Radical Creativity from Incremental Creativity ? large movements from small changes

Positive radical movement is the holy grail of nearly every... Read More

Project Management - The Traveling Product Manager

Various studies ? and common sense ? indicate that involving... Read More

Tales From the Corporate Frontlines:The Importance of a Competitive Wage and Benefit Package

This article relates to the Compensation and Benefits competency, commonly... Read More

Communication: Managements Responsibility

I've just watched, again, an episode in the Back to... Read More

What Is Business Sense?

What is the principal thing you need to succeed in... Read More

Smart Hiring: What Makes the Right Employee?

Good hires do not happen by accident or luck. In... Read More

What Every Manager Should Know About How to Enhance the Motivational Climate of the Workplace

It has been well documented that employees' productivity and job... Read More

How to Coach Your Employees - 5 Simple Steps Anyone Can Do!

Want to get more from your people, but you don't... Read More

Innovation Management ? Time to Market or Time to Success?

Creativity can be defined as problem identification and idea generation... Read More

How To Use W Edwards Deming

Human beings and the way they interact are extraordinarily Complex.... Read More

Diversity in the Workplace: Benefits, Challenges and Solutions

Workplace diversity refers to the variety of differences between people... Read More

Discover the Astonishing Power of Words Today!

Picture all the people you know who are dynamic, successful... Read More

Rapid Culture Change is Possible

Purpose: Show how immersion leadership training makes strategic initiative success... Read More