Kraft SOX404内部培训资料

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1、SOX404IntroductionMar.21,2007Beijing,PRCContentsBackgroundofSOX404KIC'sSOXTestingProcessKeyControlsofEachCyclesSummaryofSOXDeficienciesSOXComesFromTheEnronCollapseInNovember2001,admittedaccountingerrorsthatinflatedearningsbyalmost$600millionover4yearsStockplummetedfromahighof$75tolessthan$1CFOou

2、stedandindictedon78countsofsecurities,wireandmailfraud,moneylaunderingandconspiringtoinflateprofitWorldComScandalAdmittedaccountingfraudthatinflatedprofitsby$3.8billionfromJanuary2001toMarch2002(14months)Stockdivedfromahighof$60tolessthan$1FormerCFOandex-Controllerarrestedandfaceprisontermsofupt

3、o65yearsifconvictedSarbanes–Oxley404Twoperson:USSenatorPaulSarbanesUSCongressmanMichaelOxleySuggestaLegislation:Sarbanes–Oxley(Section401-404)SOX404–Requireaninternalcontrolreportforfinancialreporting.OverviewofSOX404LegislationEachannualreporttocontainaninternalcontrolreport,which:statestherespons

4、ibilityofmanagementforestablishingandmaintaininganadequateinternalcontrolstructureandproceduresforfinancialreporting;andcontainsanassessment,asoftheendofthemostrecentfiscalyear,oftheeffectivenessoftheinternalcontrolstructureandproceduresoftheissuerforfinancialreporting.Theauditorwillattestto,andrep

5、orton,theassessmentmadebymanagement.WhatisknownisthatAltria/Kraftmanagementmustmakeanassessmentoftheinternalcontrolsforfinancialreporting.PricewaterhouseCoopersmustissueanattestationopiniononthedesignandeffectivenessofthosefinancialinternalcontrols.OverviewofSOXS404LegislationTheSEChasindicatedthat

6、itwillreviewcompliancewithS404atleasteverythreeyears.Anysuchreviewislikelytobedetailedandextensive.OurexperienceofworkingwiththeSECandthecurrentinterpretationsoftherulesindicatethattheSECwillexpect:Frommanagement:Cleardocumentationoffinancialprocesses,procedures,andcontrolsEvidencethatmanagementhav

7、eevaluatedtheadequacyofthedesignandtheeffectivenessofoperationoftheproceduresandcontrolsEvidencethattheauditcommitteeand/ordisclosurecommitteehavetakenakeeninterestintheeffectivenessofcontrolsFromtheauditor