From Ernst & Young:
Many companies have begun initiatives to certify that the financial processes impacting financial reporting in their companies are suitable and properly controlled, and thus meet the requirements of Sarbanes-Oxley. A number of these processes are in the treasury area.
Largely as a result of the treasury function often being an area that is not well connected or understood throughout a company, we are hearing from many Treasurers that they are receiving little scoping guidance from their company's 404 project leaders. This appears to be the case whether the initiatives are being undertaken internally or through the use of external advisors. Added to this, is the fact that since most treasuries are thinly staffed, they are facing the extra pressure of not having the resources to undertake these projects in the required time frame without other vital treasury activities suffering.
We are also hearing from some Treasurers that due to the time and effort involved in this process, they anticipate moving beyond the pure control aspects of this initiative and are using it as an opportunity to improve their treasury processes.
We have put together a high-level process activity checklist to assist Treasurers in scoping out the treasury aspects of the Company's 404 process requirements. If you have any further questions or resource requirement issues, please feel free to contact any of the Treasury Advisory staff listed on this website.
See full Checklist in pdf format.
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