Sarbanes – Oxley (SOX) Compliance Dashboard | Financial Statement Certification dashboard

Under Sarbanes-Oxley Section 404, an organization issuing financial statements must provide “an assessment of the effectiveness of the internal control structure and
procedures for financial reporting” as of the end of the fiscal year.

So this is a very serious dashboard for all those Public companies and ones that fall under the SOX radar. If you are watched by the SOX police, your company should be monitoring the KPIs mentioned in this dashboard.

This particular dashboard serves the part 3 of this compliance

The Financial Statement Certification dashboard displays financial statement certification metrics by key performance indicators (KPIs) of organizations, processes, and significant accounts allowing signing officers to measure and track the performance of certification in the focus areas of financial statement certification.

This dashboard lets signing officers see all certification details at a glance and drill down to further details. This allows you to quickly analyze and take necessary actions to certify financial statements in a timely manner.

Parameters on this Dashboard

  • Period: Includes the periods that you can view summarized data for:
    • Month
    • Quarter.
    • Year
  • Period Name: Includes the values for the selected period type.
  • Certification Type: Includes all types of certifications, for example:
    • SOX 302
    • SOX 404
  • Certification: Includes all certifications and is dependent upon the certification
    type parameter selection.
  • Certification Status: Includes all status indicators for certifications:
    • Active
    • Archived
    • Completed
    • Draft
    • Rejected
  • Organization: Includes all auditable units.
  • Process: Includes all organizational processes.
  • Significant Account: Includes all significant accounts which are mapped to at least one process.
  • Priority: Includes all priorities for a remediation and issue.
  • Reason: Includes all reasons for a remediation and issue.
  • Phase: Includes all phases of a remediation.
  • Account Evaluation Result: Includes all evaluated significant accounts:
    • Deficient
  • • Effective
    • Materially Weak
    • Not Evaluated
    • Significantly Deficient
  • Organization Certification Result: Includes all certified organizations:
    • Certified
    • Not Certified
    • Certified with Issues
  • Process Certification Result: Includes all certified processes:
    • Certified
    • Not Certified
    • Certified with Issues

The following KPIs appear on this dashboard:

Open Remedial Actions KPIs

Open Remedial Actions: Remediation: The total count of open remediations of
Oracle Internal Controls Manager (OICM).

Open Remedial Actions: Findings: The total count of open findings of OICM.
Note: An open object, such as an open finding, is defined as any object
without a completion date, or with a completion date that is past the
selected period¡¦s last day.

Signiƒicant Account Evaluation Status KPIs
Significant Account Evaluation Status: % Not Evaluated:
The number of
significant accounts that are not evaluated divided by the total number of significant
accounts, expressed as a percentage.

Significant Account Evaluation Status: % Evaluated as Having Ineffective
Controls
: The number of significant accounts that are evaluated as anything other
than effective divided by the total number of significant accounts, expressed as
a percentage.

 

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