Hello Vena Community!
For today's #12DaysofVena gift for our Vena Community members, I'd like to share a little about how Vena has pre-built templates to meet your internal audit and SOX compliance needsSince 2002, the Sarbanes-Oxley Act (SOX) has been a growing concern for IT departments, internal and external auditors alike. External auditors and internal audit teams today face greater scrutiny than ever before, leading to higher auditing fees and direct compliance and control costs for the companies affected by SOX.
- 4-6 Average number of hours spent on each SOX control
- 46% of companies are now relying on technology for testing SOX controls
- 73% of companies plan to use or introduce technology in the next year or 2 in the testing of controls to comply with SOX
Source: Protiviti 2020Vena turns your existing Excel spreadsheets into a powerful, controlled enterprise solution including workflow, security, version control and enhanced reporting for SOX compliance. Vena was designed to help you address all your SOX requirements, from the documentation of risks and controls in compliance of the COSO framework, to testing, sign-off and reporting. Vena gives your audit and compliance teams an Excel- based solution to:
- Reduce SOX reporting timeline
- Automate tasks and eliminate manual error
- Increase data accuracy, integrity and auditability
- Enhance security and collaboration
- Drive continuous improvement in your internal controls over financial reporting (ICFR)
- Improve documentation of testing in a central location
- Manage the controls process across the internal audit function
With Vena, you can keep using Excel but now as a trusted, scalable canvas to document and test all your risks and controls!
To learn more, take a look at our Vena for SOX solution brief linked
HERE!
How do you document and manage your SOX controls today? Tell us in the comments below!
#12DaysofVena
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Ravi Persaud, CPA, CA
Solutions Consultant
Vena Solutions
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