Compliance & accuracy of data and cloud computing control risks

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Managing the Completeness and Accuracy of Data (C&A) continues to be a challenging topic for management, internal control functions and external auditors. At the same time, the increasing use of cloud computing is requiring organizations to reconsider risks, and redesign internal controls to adapt to the new technology environments. In a recent webcast on July 11th, KPMG experts detailed practical ways that companies can use to address C&A and cloud computing internal control risks.

Key Insights:

Growing cloud adoption has an impact on SOX (Sarbanes-Oxley) compliance. This requires nuanced controls for user access and change management.

The use of third-party services and data necessitates thorough due diligence and monitoring. It is important to understand the allocation of responsibilities between the organization and third parties, as well as the flow of data.

The concept of completeness and accuracy of data is challenging for many control owners. Finding an effective and efficient way to perform and document procedures adds complexity.

Control design and testing approaches should be differentiated based on the type of reports, such as standard, custom, ad hoc, and spreadsheet reports. This ensures an efficient approach.

Identifying Relevant Data Elements (RDEs) within key reports is crucial for an effective and efficient approach to certification and accreditation (C&A).

5 things SOX professionals need to do now:

Growing cloud adoption has an impact on SOX (Sarbanes-Oxley) compliance. This requires nuanced controls for user access and change management.

The concept of completeness and accuracy of data is challenging for many control owners. Finding an effective and efficient way to perform and document procedures adds complexity.

Control design and testing approaches should be differentiated based on the type of reports, such as standard, custom, ad hoc, and spreadsheet reports. This ensures an efficient approach.

Identifying Relevant Data Elements (RDEs) within key reports is crucial for an effective and efficient approach to certification and accreditation (C&A).

What percent of the in-scope SOX IT Applications that you audit are leveraging Cloud Computing? – e.g., NetSuite (SaaS), Salesforce (PaaS), Custom applications (IaaS)?

What is the greatest challenge you face with respect to achieving or assessing SOX compliance of a Cloud Solution?

What is the most helpful Cloud feature with respect to achieving or assessing SOX compliance of a Cloud Solution?

How do you keep up-to-date with new Cloud features and developments that impact your SOX environment?

What percent of your key reports are currently benchmarked?

What are your most common IPE (Information Prepared by the Entity) challenges?

How are issues with IPE logic currently being identified in your organization?

Dive into our thinking:

Trends in ICFR Programs: Compliance & accuracy of data and cloud computing control risks

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Insight

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The latest SOX trends and insights organizations need to know about

Sue King

Partner, Advisory • Offering, Risk Services, KPMG LLP

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Joe Manusakis

Principal, Technology Risk Management, KPMG US

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Sue King

Partner, Advisory • Offering, Risk Services, KPMG LLP

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Joe Manusakis

Principal, Technology Risk Management, KPMG US

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