A common and easy use of policyIQ is to collect certifications for Sarbanes-Oxley Section 302 compliance. For companies already using policyIQ to manage SOX Risks, Controls and Testing, expanding the scope to include 302 certifications is a natural step. But even if you are not already using policyIQ for your SOX work, consider the savings – in both cost and time – that can be gained by putting your certification process online in policyIQ.
What is SOX 302 certification?
On a quarterly basis companies will send up to a few dozen questions to managers and other individuals, across all of their departments, to be completed before the CFO and CEO certify to the financial statements.
These questions are often similar to the Audit Representation Letter that an external audit firm will collect from a company’s top financial officer prior to issuing an audit opinion. That letter asks questions about subsequent events, significant changes to accounting policies, and other material events. In fact, in the first year of SOX we saw a number of companies copy that letter and get it signed by various department managers before the CFO or Controller signed the copy for the auditors.
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