When potential material weaknesses are discovered during SOX or internal audit testing, my suggestion is to review the issue with the legal function. They can advise the CEO and CFO whether this should be disclosed as part of the Section 302 certification. This new front is clearly starting to open. Don’t let it pull you under.
Over the past half century, a great deal of literature has appeared in Canada and the United States about how to design, document and assess internal controls. First Reference has built upon the most current internal control authorities to provide organizations with practical tools for designing and evaluating controls.
Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.