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SARBANES-OXLEY Act Compliance *Summary of the Requirement:* Section 404 of Sarbanes-Oxley Act requires: Public companies to identify, document and test their key internal controls over financial reporting throughout the institution. Bank management must certify, and the external auditors must attest to the certification, of the adequacy of internal controls over financial reporting based on deadlines determined by the company’s SEC filing status and other factors. Please consult with one of our experts for the specific date you many need to comply with Sarbanes-Oxley. *A “Phased” Approach to Sarbanes-Oxley Compliance:* Phase I – Scoping and planning the project, including identifying gaps in current internal controls documentation and tying the major balance sheet and income statement accounts to a process or activity. Phase II – Evaluating the entity-wide internal controls and overall risk management environment and defining the processing cycles of the Bank (i.e. Loans/ Deposits/ Investments/ Financial Reporting, etc.). Phase III – Documenting the processing cycles using the COSO components while identifying the key financial reporting controls for Sarbanes-Oxley compliance. Phase IV – Performing tests of the documented Sarbanes-Oxley controls and correcting any deficiencies/ weaknesses noted. Phase V – Developing and implementing an ongoing Sarbanes-Oxley Section 404 internal controls documentation maintenance and quality assurance program. *Solutions:* BankVision can assist you in implementing a spectrum of possible solutions regarding Sarbanes-Oxley Act - Section 404 compliance. As a total solution, BankVision can identify, document and test your key Sarbanes-Oxley financial reporting controls. As a partial solution, we can provide you with a Sarbanes-Oxley Act -Section 404 documentation methodology and document a few key cycles while turning over the rest of the project to Management for completion. If you just need a “jumpstart”, BankVision can develop the Sarbanes-Oxley project plan and help manage and coordinate the Bank’s own internal resources. Our dedicated Sarbanes-Oxley team is comprised of financial reporting/ SEC experts with CPA credentials. We have successfully completed Section 404 compliance projects at over a dozen financial institutions to date. We have designed new streamlined standards for Sarbanes-Oxley 404 documentation based on recent SEC and PCAOB pronouncements – thereby increasing efficiency and reducing project expense. P.O. Box 360825 Milpitas, CA 95036 - Phone: 877.581.8029 Welcome \| About Us \| Services \| Sourcing \| Satisfied Clients \| Newsroom \| Contact Us\| Sitemap BankVision, Inc. All rights reserved. © 2008. Site designed & maintained by creativeworks

SARBANES-OXLEY Act Compliance

Summary of the Requirement:
Section 404 of Sarbanes-Oxley Act requires:

Public companies to identify, document and test their key internal controls over financial reporting throughout the institution.
Bank management must certify, and the external auditors must attest to the certification, of the adequacy of internal controls over financial reporting based on deadlines determined by the company’s SEC filing status and other factors. Please consult with one of our experts for the specific date you many need to comply with Sarbanes-Oxley.

A “Phased” Approach to Sarbanes-Oxley Compliance:

Phase I – Scoping and planning the project, including identifying gaps in current internal controls documentation and tying the major balance sheet and income statement accounts to a process or activity.
Phase II – Evaluating the entity-wide internal controls and overall risk management environment and defining the processing cycles of the Bank (i.e. Loans/ Deposits/ Investments/ Financial Reporting, etc.).
Phase III – Documenting the processing cycles using the COSO components while identifying the key financial reporting controls for Sarbanes-Oxley compliance.
Phase IV – Performing tests of the documented Sarbanes-Oxley controls and correcting any deficiencies/ weaknesses noted.
Phase V – Developing and implementing an ongoing Sarbanes-Oxley Section 404 internal controls documentation maintenance and quality assurance program.

Solutions:

BankVision can assist you in implementing a spectrum of possible solutions regarding Sarbanes-Oxley Act - Section 404 compliance. As a total solution, BankVision can identify, document and test your key Sarbanes-Oxley financial reporting controls. As a partial solution, we can provide you with a Sarbanes-Oxley Act -Section 404 documentation methodology and document a few key cycles while turning over the rest of the project to Management for completion. If you just need a “jumpstart”, BankVision can develop the Sarbanes-Oxley project plan and help manage and coordinate the Bank’s own internal resources.

Our dedicated Sarbanes-Oxley team is comprised of financial reporting/ SEC experts with CPA credentials. We have successfully completed Section 404 compliance projects at over a dozen financial institutions to date. We have designed new streamlined standards for Sarbanes-Oxley 404 documentation based on recent SEC and PCAOB pronouncements – thereby increasing efficiency and reducing project expense.