The FloQast SOX Compliance Module allows you to track your SOX Controls directly within FloQast. Checklist Items and Reconciliations in FloQast can be directly linked to your team's Controls.
The evidence of your Controls being completed will even be pulled directly into one convenient Controls tab for review.
If FloQast SOX Compliance is included in your contract, you will notice a few new tabs in FloQast. Please note these tabs will only be visible when you open a Compliance Workflow from the Workflow dropdown menu.
Similarly to how your Checklist and Reconciliations belong to specific entities, your Risks and Controls will belong to an Audit Project. These can be viewed in the Audits tab.
If you need to create a new Audit Project, you can do so directly from this page. To create a new Audit Project, simply click Create button. After that, you will be prompted to enter the Project's name, the project's entity, and the Project's starting and ending month.
For the Project's entity, access to Audit Projects is currently determined by the entity the Audit is associated with. Please choose an entity in your Compliance Workflow that the users you wish to have access to this project have access to.
The starting and ending months should typically be the first and last months of your fiscal year. It's important to keep in mind that if you have any quarterly or annual controls, the months those are in will be determined using this starting and ending month.
From this page, you can also create a copy of an existing Audit, rebuild the corresponding Cloud Storage folder, revise your RCM, and deactivate the Audit.
Your RCM should already be loaded into FloQast by a FloQast Accounting Technology Consultant, but if you ever need to edit it in bulk, you can click the Revise RCM button.
This will take you to a page where you can download your existing RCM in an excel template, make any needed changes, and then upload it back into FloQast.
Once you upload the edited RCM, you will be presented with a summary of the changes being made before you can confirm your import. If your upload has any errors, you will be presented with a summary of these errors as well.
If you click confirm, any Risks added will be shown on the Risks Tab, and any Controls added will be shown on the Controls tab.
You can view your entire RCM directly in FloQast on the Risks tab.
All of the Risks which have been imported into your FloQast can be viewed here, organized by Audit Project. From this page, you can also create new Risks in-app, as well as edit or delete any existing Risks.
On the Controls tab, you will see all of your existing Controls, and you can choose to view them by month or view the Controls Library, which will show all of your Controls across all projects. If you choose to view by month, you can select a specific project and all of the months within the project you would like to view, and the Controls will populate below.
You can create a new Control from this tab as well by clicking the Create button.
Once a control has been created in FloQast, it can be linked to a Checklist Item or Reconciliation through either Inline Editing or the Reconciliation Settings.
After a Checklist Item or Reconciliation has been linked to a Control, the Control will be viewable directly on the Checklist and Reconciliations tabs.
Additionally, the Checklist Item or Reconciliation, along with any sign-offs and linked documents, will be viewable directly from the Controls tab, so you will never need to leave the SOX Compliance module to see the evidence of your Control being completed if it is being completed within FloQast.
All sign-offs, documents, and review notes will flow directly from the Checklist and Reconciliations into the Controls tab. In the above examples, you can see that for Control AP.01, a Checklist Item has been linked, and David Jones signed off on 4/13/2022. Additionally, you can see John Doe attached a document to this Checklist Item.
For control AP.06, you can see that for Account 1300, John Doe signed off on the Reconciliation on 3/30/2022, and if you click on the blue balance, you will be taken to the supporting workbook. Additionally, there is a Review Note left on the Reconciliation that can be viewed as well.