Brown Smith Wallace LLC

SOX Testing Process

• Defining testing strategy and approach
• Establishing guidelines for selecting significant controls for testing
• Selecting significant internal controls to be tested for effectiveness
• Establishing a testing plan
• Designing tests for the identified internal controls and preparing/developing the applicable audit programs.
• Meeting with external auditors to obtain feedback on test programs
• Performing tests of effectiveness for the selected internal controls and documenting the results
• Providing observations and recommendations for management’s consideration in maintaining internal controls over financial reporting
• Identifying internal control deficiencies and gaps
• Discussing and obtaining agreement with management with respect to the test results and noted deficiencies/gaps
• Meeting with external auditors to obtain feedback on results
• Providing recommendations for process improvement, as applicable
• Creating and implementing ongoing testing mechanisms that function on a real-time basis