Reducing External Audit Time By GAP Resources SOx 404 Work

Challenge: On behalf of Internal Audit, GAP Resources had assisted with developing control processes and associated annual testing focused on areas impacted by SOx 404. These processes had not been extended into all areas of the operation resulting in two different sets of procedures with varying levels of control. This resulted in inconsistencies and additional time required by the outside auditors.

Solution: Building on their previous work with the company and knowledge of its operations, GAP professionals who had previously worked with the company met with key processing areas to standardize and extend their control processes into one set of procedures for the entire company. Documenting these procedures and expected outcomes, GAP Resources also developed a quality assurance program including testing and management reporting.

Benefits: Resources previously expended on SOx testing have been re-directed to address ongoing quality assurance activities extending coverage beyond SOx processes and still meeting SOx requirements. SOx 404 testing was simplified while quality improved. Finally, external audit time was also reduced.