This document serves as a sample report to the audit committee focused on the progress of an organization's Sarbanes-Oxley Section 404 program. This template includes an executive summary, project approach, program status, business process status, testing interim phase status, control realignment, IT status, business continuity status, entity-level and anti-fraud assessment, and overall results by process.
The entity-level testing and anti-fraud assessment efforts focused on the following:
Identified areas where the risk of fraud relating to the company’s is high or highlighted other key risk areas.
Validated and reviewed overall perception of the company’s internal control environment and identified potential areas where the inherent risk of a material misstatement is high.
Determined the effectiveness of entity-level internal controls that are currently in place.