ITGC SOX Software

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SOX Compliance is mandated by law and required for all public organizations, as well as companies preparing for an IPO. And because financial information is heavily reliant on an organization’s IT department , ensuring strong IT controls are in place and tested is critical to building a strong SOX program. Streamline and connect these processes with a risk-based approach using LogicManager’s IT SOX solution package.

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Why a Risk-Based Approach to IT SOX is important:

LogicManager’s IT SOX Solution

Here’s what you’ll get with LogicManager’s comprehensive IT SOX solution package:

  • Create a Risk Control Matrix documenting all risk statements, corresponding controls and control testing templates.
  • Operationalize your SOX assessment by engaging risk owners on a configured frequency. This can be done through automated tasks and workflows to ensure controls are updated as needed.
  • Assign ownership over controls to ensure the correct employees have access to certain controls. From there, customize who can view, edit or interact with those controls to ensure your data is both accurate and secure.
  • Develop an Applications Repository to document all underlying technologies, as well as the processes they support.
  • Create links between underlying technologies and IT controls in a SOX assessment through LogicManager’s taxonomy technology. This allows you to leverage that are ITGCs already documented in other assessments of the tool.
  • Identify changes in underlying technologies vs. data changes. This provides you with a better understanding of what testing is necessary in any given assessment. Because LogicManager consolidates this testing, it becomes an incredibly efficient process.
  • Leverage a comprehensive library of out-of-the-box or customizable reports to better understand your controls’ current status and effectiveness. For example, the Mitigation Ranking Report outlines which controls are linked to the largest risks across the organization and helps to prioritize which controls should have the most resources allocated to them.

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IT SOX Software

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The ROI of IT SOX Software

Improve Efficiencies

Having a robust IT SOX software in place helps you easily demonstrate exactly what must be tested in a given audit, thereby reducing required work. With LogicManager, link your individual controls to their underlying technology. This allows you to determine if there are controls that aren’t related to SOX that do not need to have tests performed on them. Additionally, you can work to determine what your entity level controls are: general policies and controls that are done across the organization irrespective of technology. By identifying which controls are entity level, you can consolidate them together to not have to perform testing at the individual process level.

Save On Auditing Costs

Because external auditors will often charge by the hour, if you are able to prove why certain controls don’t need to be tested or can consolidate multiple similar controls together for one test, you’ll save on auditing costs. Additionally, by developing a program that links underlying technologies to ITGCs, your organization can track changes to processes, as well as data. In documenting these changes, you can then demonstrate components which have not changed. Previous tests can also be leveraged to show process effectiveness, which in turn reduces audit hours and costs.

What is IT SOX?

SOX compliance is mandated by law and required for all public organizations. Additionally, private companies preparing for an IPO must be prepared to implement a SOX program. A strong SOX program will provide efficient financial reporting and resource management.

Because financial information is heavily reliant on an organization’s IT department, both regarding the management and communication of data, ensuring strong IT controls are in place and tested is critical to building a strong SOX program. To maintain compliance, all in-scope IT controls must be tested unless evidence is provided to prove the contrary. The connection of these processes is referred to as IT SOX.

IT SOX Risks

If your organization is found guilty of negligence or noncompliance with SOX, you’ll be faced with financial and potentially criminal penalties. If you’re found guilty, the fees associated with hiring lawyers, consultants and specialists can quickly skyrocket; the fines you could face if an inaccurate certification is submitted can be up to $1 million, and up to 10 years in prison. If you’re found to be intentionally submitting a certification incorrectly, you could be hit with fines up to $5 million and face 20 years in prison.

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IT SOX Software

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