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Section 302 of
the Sarbanes / Oxley Act of 2002 (SOX) requires Senior Management (CEO and the CFO) of each issuer to prepare a statement to accompany the
Audit Report to certify the “appropriateness of the financial statements
and disclosures contained in the periodic report, and that those
financial statements and disclosures fairly present, in all material
respects, the operations and financial condition of the issuer.”
Knowing and intentional violations of this section carry both Criminal
and Civil penalties.
Creating systems
and processes to accurately and consistently provide Senior Management
with sufficient information to make these statements is critical to
reducing the potential risks and liabilities for both Senior Management
and the Company. Why, because the United States Sentencing Guidelines
provide harsher penalties for those individuals or companies who cannot
demonstrate that they had a system and documentation, along with
policies and/or procedures which required accurate, timely and
consistent reporting of financial information.
At GTS Network,
Inc. (GTS) we can design, implement and monitor these systems, providing
Management with documentation and proof that the Company and its leaders
exercised due diligence in preparing and signing these statements. We
provide professional assistance in the following areas:
o
Design and
implementation of reporting systems;
o
Development of computer
based mechanisms to collect and report SOX data to Management on a
quarterly basis;
o
Development of Company
policies and procedures on Section 302 reporting;
o
Design and
implementation of Disclosure Committees, including Charters;
o
Design, documentation
and implementation of Ethics policies and oversight groups;
o
Project management and
ongoing monitoring as required by the organization; and
o
Performance of periodic
audits to verify compliance with Section 302 requirements.
At GTS, our SOX
consulting methodology follows the Committee of Sponsoring Organizations
(COSO) of Treadway Commission guidelines – the standard for internal
control frameworks. COSO is not only an integral component of our
methodology, but the essence of the framework is built into
all our software tools. Thus you, the customer, can be assured that the
work GTS performs will always conform and immulate COSO principles.
Global Technology Solutions,
LLC (Your One-Stop SOX Consultants) |
