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Implications of Legislation on Analytics

Implications of Legislation on Analytics. Eric Koenemann , Cole Hillis, John Heaney, Will Meland. Today's outlook. The state of legislation. Enron and Legislation. Oil and Energy industries deregulated in 80s and 90s Led to fraud and corruption Sarbanes-Oxley Act (SOX) passed in response.

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Implications of Legislation on Analytics

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  1. Implications of Legislation on Analytics Eric Koenemann, Cole Hillis, John Heaney, Will Meland

  2. Today's outlook

  3. The state of legislation

  4. Enron and Legislation • Oil and Energy industries deregulated in 80s and 90s • Led to fraud and corruption • Sarbanes-Oxley Act (SOX) passed in response

  5. Vendor Analysis: Weaver • IT consulting • Sarbanes-Oxley Act • Organizations look to outsource their accounting functions

  6. Vendor Analysis: Weaver

  7. Third-parties

  8. Sarbanes-oxley (SOX) • Sox requires evidence of internal control over financial reporting • May require external auditor for larger companies • Overwhelming and impractical for small or newly public organizations • Outsource to risk advisory services teams (weaver) • Evaluate sox sustainability to improve internal control structure • Provide management with assurance

  9. Developing SOX Compliance Program • Start early • Develop a plan (Filing status) • Large accelerated or accelerated  • Identify a Framework (COSO) • Risk based approach • Most widely accepted • Identifying IT systems and applications that impact financial reporting

  10. IT and SOX

  11. Why does this matter to you?

  12. Future Impacts of Legislation

  13. Questions

  14. Sources • “Digital Tech Poised to Revolutionize Financial Reporting.” The Wall Street Journal, Dow Jones & Company, 5 Sept. 2019, deloitte.wsj.com/cio/2019/09/05/digital-technology-poised-to-revolutionize-reporting/?mod=Deloitte_cio_nwsrl. • “Meet Weaver: Weaver: Assurance, Tax & Advisory Firm.” Weaver, weaver.com/meet-weaver. • Peavler, Rosemary. “The Sarbanes-Oxley Act and Corporate Fraud.” The Balance Small Business, The Balance Small Business, 26 May 2019, www.thebalancesmb.com/sarbanes-oxley-act-and-the-enron-scandal-393497. • “Sarbanes-Oxley Insights Brochure: Weaver: Assurance, Tax & Advisory Firm.” Weaver, weaver.com/brochure/sarbanes-oxley-insights-brochure.

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