262 & SOX
Simplify internal control activities over administrative and accounting processes. Solution based on COSO framework.
Based on the COSO Framework, PROCOMP 262 streamlines internal control activities over the executive reporting process into six steps:
- Entity Level Control
- Identification of the Business Units involved in the Scoping phase
- Process design
- TOD evaluation
- TOE evaluation
- Analysis and constant monitoring of residual risk.
The 6 phases of PROCOMP 262 control activities
- Entity Level Control: definition and updating of each entity, such as budget ratios, procedures and activities.
- Identification of the Business Units involved in the Scoping phase.
- Drawing of the processes to identify all the processes at risk, the controls applied to them and thus build, automatically, the RCA matrix.
- TOD evaluation, through easily customizable web forms and customizable approval workflows.
- TOE evaluation with automatic references to the evaluations entered in the previous phases.
- Analysis and constant monitoring of residual risk thanks to reports updated in real time.
Benefits
Timing optimisation
It optimizes time to collect information from tests.
Reducing errors
It reduces the risk of errors thanks to the multi-level approval workflow.
Improved visibility and control
It provides immediate visualisation of all controlled processes and improves control over risk activities.
Available on mobile
It improves communication with top management thanks to reports that can be consulted within the application via mobile devices.
Costs reduction
It increases control over the processes and reduces costs.