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Combining the integrity of internationally
recognised standards and methodologies (the generic COSO
business model framework is provided with ERA) with the experience
of organisations worldwide, ERA gives risk managers and auditors
considerable flexibility to collect information, analyse that
information and present structured, tailored reporting to
unit and/or senior management and other stakeholders.
In short, ERA will assist with the implementation of an internal
control program across your company and will quickly and simply
generate effective reports on those internal controls. It
will also enable external auditors to easily assess the accuracy
of the information in the reports. ERA also incorporates,
or is consistent with the following internationally recognised
Risk Management and Internal Audit Standards giving
you confidence that you are following accepted best practice:
- AS/NZS 4360:2004
- Basel II
- COSO (COSO
models are included when you purchase ERA)
- ISO 17799
- PRINCE II
We can give you a short, highly informative
on-line demonstration of ERA using WebEx, a real-time interactive
Web based program. A Methodware consultant will lead you through
ERA, showing you exactly how the software will assist you
to comply with SOX. Online Demonstrations are obligation free
and are a great way to see our software in action, so why
not request one today?
ABOUT THE SARBANES-OXLEY ACT (SOX)
Enacted to help restore public (and regulatory) confidence
in SEC registered companies following high profile corporate
collapses, SOX was signed into law by President Bush on 30th
of July 2002. The underlying purpose of the act is to ensure
that high standards of corporate governance become the norm
in companies operating in the United States of America.
There are two sections of the act in particular (sections
302 & 404) that raise compliance issues for American companies.
Both these sections relate to the establishment of internal
controls and the reporting of these controls.
Summary of Section 302
Signing Officers (CEOs and CFOs) are required to certify that
periodic reports are accurate and are not misleading in any
way. They need to ensure that an internal control structure
is established and maintained and that they are made aware
of any pertinent information relating to the well-being of
the company.
Summary of
Section 404
An Internal Control Report must be produced as part of the
Annual Report. This report needs to reflect the Internal Control
framework that is in place and show that it is being maintained.
In this report Management are required to make an assessment
as to the effectiveness of the company's internal controls.
Finally, external auditors must report on and attest to the
accuracy of the assessment as provided by Management.
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