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It takes the work of many different professionals from different disciplines to help
your company achieve compliance with the Sarbanes-Oxley Act. Virtuoso is not
your auditor, accountant or lawyer. Virtuoso IS your company’s SAP™ Financial
and Reporting expert and can complement the efforts of the other Sarbanes-
Oxley professionals that are helping your company achieve compliance.
In the world of SAP, honest mistakes can arise in a number of subtle, hard to find
places. Virtuoso can apply its intimate knowledge of SAP Financial Processing
and Report Development to help mitigate these risks.
The building block of the Virtuoso solution is the COSO Internal Control
Framework, established by the Treadway Commission. Based on this where do
the Virtuoso Solutions fit?
Virtuoso’s specific focus on SAP FI/CO consulting, reporting and compliance
allows us to partner with clients in a way that is unique and different from the
majority of Sarbanes-Oxley consultancies. Virtuoso’s Sarbanes-Oxley services
are:
- Deconstructing the Financials
- Report Development Assessment
- Month-End Close Assessment
- Audit Control Enhancements
- Custom Program Assessment
- Enhanced Security and Authorizations
Deconstructing the Financials
Deconstructing a financial statement involves breaking apart each number
on the financial statement to its constituent elements. Only by understanding
the fundamental building blocks that make up the numbers on your financial
statements can you gain confidence in your financial reporting.
Report Development Assessment
Virtuoso will review the technical
standards and source data used to
build key external reports and focus
on problems and risk areas. Virtuoso
will check the standards against worldclass
report development techniques
– going after the closest source of
data (including extract management
and control), all inclusive sets and
account ranges, proper use of variables,
organizational structures, and general
data selection. Virtuoso will also
document the standards that exist for
creating and changing fi nancial reports
and report components and recommend
further controls as necessary.
Month-End Close Assessment
Virtuoso will review month-end close
procedures, analyze an actual close in
person, and identify areas that cause
delay in the close. Recommendations
will then be made around process
changes and additional SAP functionality
that can be implemented to speed up
the close process and make fi nancial
reports more accurate and timely.
Audit Control Enhancements
These are additional enhancements
that can be made in your system to
improve internal controls. They consist
of enhanced reconciliation and audit
tables, event-triggered e-mails, instant
pop-up notices, dynamic security and
validation, and more.
Custom Program Assessment
The problem of achieving accuracy in
Financial Reporting is often tied to the
custom programs and reports used
in their creation. This can be due to
the old code that has not evolved with
the business, rigid code that is not as
fl exible as the business needs, or other
general coding errors. The custom
program assessment will provide you
with a diagnostic analysis of the overall
design of the custom programs used
in your system including cataloging
the use of literals and identifying areas
of overlap or inconsistency between
programs.
Enhanced Security and Authorizations
Implementing preventative controls is
one of the fi rst steps companies are
taking to comply with section 404 of the
Sarbanes-Oxley Act. Virtuoso can help
in all phases of this activity, whether
it involves formulating broad security
and authorization profi le strategies or
implementing unique security controls
and segregation of duties at a specifi c
program level. Virtuoso can help you
enhance business functionality while
also improving controls by implementing
conditional authorization controls.
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