Summary of SOX AUDIT 1. SOX is conducted for companies listed in US stock exchange. 2.Terminologies- walkthru,R&CM,TOC- Design control(check SOD,maker checker) & Operational Control (Authorisation Matrix) 3. SOX process is some what similar to IFC process. 4. Stat auditor can also ask to SOX auditor to check whether some controls are in place or not after going through SOX audit report. 5. Controls are first tested by client themselves called self assessment. Than controls are tested by SOX AUDITOR called SOX AUDIT. Than same controls are tested by statutory Auditor. This are called 3 lines of defence
Bhaiiii !! I was lokking for such video since long. I wanted to understand how sox audit is executed but found no luck on youtube. This video cleared my concepts. Thanks very much Tushar and Nikhil !!
how is the growth in sox audit? I am a CA Fresher and I had an interview with EY for SOX audit specifically for Technology, Media, and Telecommunications (TMT). Although I am very much confused about if I should move forward with this or not, any response from your side would be really beneficial.
@ridamvyas282 It's been good, its an subset of Internal Audit. In terms of your question for moving forward, i would say that that depends upon your interest. You can consider SOX with a GRC profile or IT SOX audit as well, or you can do an internal audit also. Let me know if you would like to discuss more from professional point of view
This is what I call content. Much appreciate the detailing and explanation on ground level. I'm currently working with Deloitte and been doing same thing, but the detailing I learnt here is priceless. Love you both for the video.
if You have some audit experience + watch this video and you are ready for Big 4. Those are fortunate who could watch this, Thank You Mere bhai, I Wish You All the Best for Your Practice!!
Design control review is to assess whether the design of the control is effectively done or not so that it can mitigate risk. Operatng control testing is when the control at design level is good but still there maybe exceptions i.e. risk is not completely mitigated and therefore may require additional controls. The whole objective is to assess whether my risk is mitigated or not. For ex - payment should not be released without first making grn and ideally my total receipt should not go beyond po quantity. So we see the design first to assess whether control has been designed correctly or not to assess that no payment is released without grn. It should be defined in the itself. Once you review this process and perform one walk through then you see that design is correctly done. System ideally should not allow payment to be released without grn.
You really bring very much informative videos ,like these and about audit ,gst and working environment in big4s . It helps in clearing many doubts young aspirants have in initial stages of articles.
Thanks.. If you can share the channel link with your friends on LinkedIn or wherever you feel... then we can grow more and can have more great speaker on the platform...….
Very informative video. I am working in internal audit profile and interested to do sox certificate course. Could you guide me any institute for this course?