FAQs
What are the primary responsibilities of a Senior Executive - Controls and Compliance?
The primary responsibilities include conducting SOX 404 compliance testing, standardizing internal control processes, testing key financial and IT reports, collaborating with business units on SOX-related initiatives, identifying areas for process improvement, supporting special projects, and gaining insights into business processes and internal controls.
What is SOX 404 Compliance?
SOX 404 Compliance refers to the requirements set forth by the Sarbanes-Oxley Act, which mandates that companies establish and maintain adequate internal controls over financial reporting to prevent inaccuracies and fraud.
What types of controls are emphasized in this role?
The role emphasizes IT General Computer Controls (ITGCs) such as Access to Program and Data, Change Management, Program Development, and Computer Operations.
Will I need to collaborate with other departments?
Yes, collaboration with various business units is essential for documenting applications, identifying key controls, developing test plans, and remediating control deficiencies.
What skills are important for this position?
Important skills include strong analytical abilities, understanding of SOX regulations, excellent collaboration and communication skills, attention to detail, and proficiency in testing and evaluating internal controls.
Are there opportunities for process improvement within this role?
Yes, the role involves identifying gaps and areas for process improvement and assessing their significance to enhance overall process effectiveness.
Will I be involved in special projects?
Yes, you will support Managers in various special projects, which may include business process-related initiatives.
How often will I conduct testing of IT General Computer Controls?
Testing of ITGCs will be conducted comprehensively across all business segments, as per the SOX 404 compliance requirements.
Is documentation a significant part of this role?
Yes, enhancing internal control documentation and testing procedures is a key responsibility of the Senior Executive - Controls and Compliance.
What is the expected outcome of the collaborations with business units?
The expected outcome is improved understanding and effectiveness of processes and internal controls, alongside effective identification and remediation of control deficiencies.