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FAQs - Sarbanes Oxley | SOX | GRC | Internal Audit software

Frequently Asked Questions

SOX Expert Total Solution FAQs 

 

Q:   What are the system requirements to use SOX Expert software?

A:   You must be utilizing Windows XP or higher, Microsoft Office XP or higher.

 

Q:   Will SOX Expert software work in Windows 7?

A:   Yes

 

Q:   I utilized Miccrosoft SharePoint Services to store my documents. Will SOX Expert work with SharePoint Services?

A:   Yes!  SOX Expert software has been programmed to work with Microssoft SharePoint Services.

 

Q:   My SOX documents are stored in a networked drive. Will SOX Expert accommodate this?

A:   Yes!  SOX Expert software recognizes networked drives.

 

Q:   How many people can be working on SOX Expert software at onetime?

A:   There are no limits, however only one person at a time should be updating an individual file, such as a Risk Control Matrix (RCM), Process Risk Analysis (PRA) or Test Plan.

 

Q:   Will SOX Expert software work on a stand-alone PC or does one need a networked PC?

A:   SOX Expert software will work on a stand-alone PC or in a networked PC environment.

 

Q:   How much space will the software take up on my PC?

A:   SOX Expert software files take up approximately 7 MB of space. Lockxls Runtime takes up another 12 MB of space.

 

Q:   What is Lockxls Runtime?

A:   Lockxls Runtime is software that provides enhanced security protection for SOX Expert software.

 

Q:   Do you need any other software to run SOX Expert software?

A:   Other than Windows and Microsoft Office, the only other software needed is Lockxls Runtime which is provided free or charge.

 

Q:   How many business processes can SOX Expert software handle?

A:   SOX Expert software can accommodate 200 processes and 200 subprocesses. An organization could utilitize the subprocess for location, subsidiary, etc.

 

Q:   How many test samples can SOX Expert software handle?

A:   SOX Expert software can accommodate 60 samples per control. The next version of SOX Expert software will accommodate 120 samples per control tested.

 

Q:   My auditors require that I expand my testing sample size if exceptions are found. Can SOX Expert handle that?

A:   Yes!  SOX Expert software allow the user to specify how many more samples are required for each exception found up to twice the original sample size.

 

Q:   Will SOX Expert allow me to customize my sample size to what my auditors require?

A:   Yes!  SOX Expert software allows a user to specify sample sizes up to maximum for your version of the software (60 or 120). Specifications are based upon the frequency of the control.

 

Q:   I have a number of controls where the frequency is "As Needed." I need to specify the sample size based upon an estimate of the number of occurrences during the testing period. Can SOX Expert accommodate this?

A:   Yes!  SOX Expert software will allow you to specify the sample size for "As Needed" controls up to maximum allowed under your version of the software (60 or 120). It also provides a field where you can specify the estimate of the number of occurrences so that your auditors will understand the basis for your sample size selection.

 

Q:   I need to plan for resources required to perform Sarbanes Oxley compliance testing. How can SOX Expert help me in this regard?

A:   SOX Expert software automatically provides resource estimates based upon the number of controls that you plan to test. This estimates takes into account sample size and type of control.

 

Q:   We have a large amount of document requests related to testing that we want to track. Does SOX Expert software provide the ability to track requests?

A:   Yes!   SOX Expert software provides the ability to track four separate document requests for each control being tested.

 

Q:   I need to advise my auditors of the changes to key controls year over year. What does SOX Expert provide for this?

A:   SOX Expert software provides data fields where the user can specify why a control level may have changed from one year to the next. It also provides 2 management reports that summarize as well as detail those changes.

 

Q:   My auditors advise me that we need to ensure that we test all quarters of the compliance year. Can SOX Expert help me do this?

A:   SOX Expert software provides a management report that shows you the number of samples testing in each quarter of the year. Since the report also includes the Control Frequency and the required testing sample size, you can easily ensure that you have adequately spread the required testing throughout the compliance year.

 

Q:   Does SOX Expert provide for document version control?

A:   SOX Expert software does not provide for a separate version control for your SOX documents since the vast majority of companies already have software that provides this functionality. SOX Expert has decided not to duplicate this functionality. If a company is using Microsoft Sharepoint Services, then version control will be specified there. If a company is using a networked drive for document storage then the version control can be specified there.

 

Q:    How will SOX Expert help with my Fraud Control Program?

A:   We recognize that Fraud Control is a major issue with companies of all sizes. SOX Expert software provides a separate field where the user can specify if a control help to deter or detect fraud. It allows the user to also specify up to five types of fraud in accordance with SAS 99:

  • Concealed Liabilities
  • Fictitious Revenues
  • Improper Asset Valuation
  • Improper Disclosure
  • Timing Differences
  •  

    One can then see based upon the normal testing of controls how well your controls are mitigating fraud in your organization.

     

    Q:   I have to change my process names. How easily is that done?

    A:   SOX Expert software provides a method for the user to easily change process names. In fact, beside changing process names, user can also change subprocess names, testing sample sizes, extra testing requirement due to exceptions, IT applications (for IT Dependent controls), and resource requirement standards. This is easily done with the User Specified Data file.

     

    Q:   How will I know if the risks in my business processes are adequately mitigated?

    A:   SOX Expert software provides the Process Risk Analysis (PRA) to help a company determine if the risks in each business process are adequately mitigated by existing controls. When complete the PRA will provide a score that will let you easily determine how well business risks are mitigated. Additionally, the software will generate a Risk Control mapping report that allows management to easily see the adequacy of risk mitigation in all business processes.

     

    Q:   If I make changes in my Test Plan, do I have then also make change in my Risk Control Matrix?

    A:   No!  SOX Expert software provides utilities which keep all your SOX documents in synch. Make a change in one document and SOX Expert software will make the change in other documents.

     

    Q:   I have a number of controls in need of remediation. What functionality is there is SOX Expert software to help me with this?

    A:   SOX Expert software will remind the user each time a Risk Control Matrix is opened if a control(s) in need of remediation has exceeded its expected remediation date. For controls in need of remediation, pertinent data fields will highlight in light Red. Also SOX Expert provides a number of management reports where one can easily determine controls in need of remediation and their expected remediation date.

     

    Q:   Does SOX Expert come with management reporting?

    A:   Yes!  SOX Expert has a full complement of management reports. These reports were developed based upon actual company requests and are included with the software.

     

    Q:   Can I develop my own reports with SOX Expert software?

    A:   Yes! SOX Expert provides the user with the ability to easily create databases in Microsoft Excel. Once the databases are created, the user can create reports using the Pivot Table functionality of Microsoft Excel.

     

    Q:   How easy is it to convert from my existing software to SOX Expert?

    A:   As long as your data can be exported to a csv file, conversion can be done fairly easily. In a test performed recently by one of our Marketing Partners, conversion of a company who was using Excel for their SOX compliance to SOX Expert software took about 4 hours. While SOX Expert recommends that you hire an expert to do this (SOX Expert can recommend one for you or do it for you), a person with good Excel skills would be able to do it as well. SOX Expert has an Implementation Guide, which guides the user through the steps of converting from your existing software to SOX Expert.

     

    Q:   You talk about visual and remedial alerts in your website. Who are those alerts?

    A:   A complete list of alerts is detailed in the User Guide that you can download from our website, however I will try to summarize them here: 

     

  • Required but incomplete Data fields are highlighted in yellow.
  • Controls in need of remediation are highlighted in light Red.
  • If an expected remediation date has passed and the control is still in need of remediation, the user will be notified.
  • Dropdown boxes provide lists of acceptable values for certain data fields.
  • In the Test Plan, the user can see the amount ofsamplesand which data fields to complete since they will be highlighted in Yellow.
  • If extra testing is required due to exceptions being found when testing, the additional required testing samples will be highlighted in Yellow.
  • If exceptions are found, data fields required to explain the exception are highlighted in Yellow.
  • Users are notified if they duplicate a control # in a business process.
  • If invalid data is copied into Sox Expert data fields from other sources, then the field is highlighed is Light Blue.
  •  

     

    Don't See Your Question Above:

    If you have any other questions that are not answered here, please email us your question.

    Also please view our video presentations which may answer a number of your questions. Please click on the link below which will take you to our video demonstration page where we have a number of videos that cover most detailed aspects of the software.

    Video Demonstrations

     

     




  • Provides a coherent framework for all business processes and locations.
  • Monitors all control activities, risk assessment and testing results.
  • Creates test plans, testing worksheets and continuously tracks testing results.
  • Generates all documents necessary to conduct testing of ICOFR for SOX compliance.
  • Encompasses all SEC and PCAOB guidelines.
  • Assures outside audit satisfaction of SOX mandates.
  • Can be used for all your Governance Risk and Complaince (GRC) needs.



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