Top–down, risk–based financial reporting assessments are required by Audit Standard No. 5 (AS5). To gain the benefits outlined in this guidance and others like it, however, organizations must be able to develop risk priorities based on robust evaluation criteria that is defensible internally and externally.
Pay for ERM with cost savings
In a recent survey, 23 percent of companies' have thoroughly integrated an ERM approach into their financial reporting compliance efforts and as a result have experienced material benefits.
Build your business case
Financial reporting risk is a subset of ERM. Organizations use LogicERM to prioritize efforts spent on assessments, controls and testing to better focus time to uncover and resolve material problems. Moreover, they achieve a 30-60 percent reduction in external audit hours by providing LogicERM’s built–in AS5–based assessment results to their auditors as a roadmap to plan engagement activities.
Click here to visit our Knowledge Center and request a complimentary analysis using our audit fees calculator to estimate how much these five levels can reduce your external audit hours. With our mentoring program, you will lay out a path to reduce your internal and external audit hours and a planned implementation schedule to perform an effective top–down, risk–based management controls self–assessment including entity–wide controls.
News
"ERM and SOX: Time to stop complaining and start doing" Pat Wechsler, Editorial Director, Treasury and Risk Magazine
Cover story feature on how Alfa Corporation used LogicERM software to transform their SOX compliance to serve their business strategy while reducing their external audit hours by 60% at the same time.
