Workflow Templates: SOX Compliance Checklist

Maintain all financial records and ensure they are accurate and complete.

Prepare financial statements that comply with generally accepted accounting principles (GAAP).

Document the process for financial reporting, including the preparation, review, and distribution of financial statements.

Identify and document key internal controls over financial reporting.

Evaluate the effectiveness of internal controls and procedures on a regular basis.

Report any identified deficiencies in internal controls and take corrective action.

Establish an independent audit committee with a formal charter.

Hire external auditors to perform annual audits of financial statements and internal controls.

Ensure open communication between the audit committee, management, and external auditors.

Adopt a code of ethics for senior financial officers and management.

Ensure the board of directors is suitably independent and qualified.

Review and disclose related-party transactions and potential conflicts of interest.

Establish procedures for timely disclosure of material financial information to the public.

Evaluate disclosure controls and procedures on a quarterly basis.

Document any changes in internal control over financial reporting on a quarterly basis.

Implement policies and training to prevent, detect, and deter fraud.

Conduct regular fraud risk assessments and adjust controls as necessary.

Establish a whistleblower policy to encourage reporting of fraudulent activity without fear of retaliation.

SOX Compliance Checklist