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SOX Financial Statement Certification Checklist

A comprehensive checklist for CEOs and CFOs in financial services companies to ensure thorough review and accurate certification of financial statements and disclosures in compliance with SOX Section 906 requirements.

SOX Financial Statement Certification Checklist
by: audit-now
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About This Checklist

The SOX Financial Statement Certification Checklist is a crucial tool for financial services organizations to ensure compliance with Section 906 of the Sarbanes-Oxley Act. This comprehensive checklist guides CEOs and CFOs through the process of certifying the accuracy and completeness of financial statements and disclosures. By implementing this checklist, organizations can enhance the reliability of their financial reporting, strengthen internal controls, and maintain investor confidence. Regular use of this SOX certification checklist enables executives to fulfill their legal responsibilities, mitigate risks of misreporting, and demonstrate commitment to transparent and accurate financial disclosure.

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Industry

Financial Services

Standard

SOX Section 906 - Corporate Responsibility for Financial Reports

Workspaces

Executive offices
Finance departments

Occupations

Chief Executive Officer
Chief Financial Officer
Corporate Controller
Financial Reporting Manager
Internal Audit Director

1
Do the CEO and CFO certify the accuracy of the financial statements?

Select the appropriate certification status.

To ensure accountability and adherence to SOX Section 906 requirements.
2
Are internal controls in place to ensure accurate financial reporting?

Indicate whether internal controls are in place.

To verify that proper internal controls are established as per SOX compliance.
3
Describe the process for ensuring compliance with financial disclosure requirements.

Provide a brief overview of the compliance process.

To assess the effectiveness of compliance measures in place.
4
Rate the accuracy of the financial disclosures on a scale of 1 to 5.

Select a rating from 1 (Very Poor) to 5 (Excellent).

To evaluate the quality of financial disclosures made by the company.
Min: 1
Target: 3
Max: 5

5
Have executives acknowledged their liability for financial reporting accuracy?

Select the appropriate acknowledgment status.

To ensure that executives understand their responsibilities under SOX Section 906.
6
Describe the corporate governance practices in place for financial oversight.

Provide a detailed description of governance practices.

To assess the effectiveness of governance structures in supporting financial integrity.
7
How often are governance reviews conducted?

Enter the frequency in months.

To determine the regularity of governance oversight activities.
Min: 1
Target: 12
Max: 12
8
Are all departments in compliance with established governance policies?

Indicate whether compliance is achieved.

To verify adherence to governance policies across the organization.

9
Has a comprehensive risk assessment been conducted for financial reporting?

Select the status of the risk assessment completion.

To ensure that potential risks to financial reporting accuracy are identified.
10
What controls are in place to ensure the accuracy of financial reporting?

List the controls implemented for financial reporting.

To evaluate the effectiveness of controls that support accurate financial statements.
11
How many financial reporting errors were reported in the last fiscal year?

Enter the total number of reported errors.

To assess the historical accuracy and reliability of financial reporting.
Min: 0
Target: 0
Max: 100
12
What is the date of the last financial audit?

Select the date of the most recent financial audit.

To ensure that financial audits are conducted regularly as part of compliance.

13
Is the organization in compliance with all regulatory requirements for financial reporting?

Select the compliance status.

To ensure adherence to legal and regulatory standards set forth by SOX.
14
Describe the procedures in place for financial reporting.

Provide a comprehensive description of financial reporting procedures.

To evaluate the robustness and transparency of reporting processes.
15
How many compliance violations were reported in the last year?

Enter the total number of compliance violations.

To assess the organization's compliance history and identify areas for improvement.
Min: 0
Target: 0
Max: 50
16
When is the next scheduled regulatory review?

Select the date and time for the next regulatory review.

To ensure timely reviews are scheduled for ongoing compliance monitoring.

17
How effective is the organization's communication with investors regarding financial performance?

Select a rating for communication effectiveness.

To gauge the effectiveness of communication strategies in maintaining investor confidence.
18
What feedback have investors provided regarding financial disclosures?

Summarize the key feedback received from investors.

To understand investor concerns and perceptions related to financial disclosures.
19
On a scale of 1 to 10, how satisfied are investors with the organization's financial transparency?

Enter the satisfaction score (1 being very dissatisfied and 10 being very satisfied).

To measure investor satisfaction and identify areas for improvement.
Min: 1
Target: 7
Max: 10
20
When was the last meeting held with investors to discuss financial performance?

Select the date of the last investor meeting.

To ensure regular engagement with investors regarding financial matters.

FAQs

The primary purpose is to guide CEOs and CFOs through the process of certifying that financial statements and disclosures fairly present, in all material respects, the financial condition and results of operations of the company, as required by SOX Section 906.

The Chief Executive Officer (CEO) and Chief Financial Officer (CFO) are required to personally certify the financial statements and disclosures under SOX Section 906.

Executives who knowingly certify false financial statements can face severe penalties, including fines up to $5 million and imprisonment for up to 20 years.

The certification must be completed for each quarterly and annual report filed with the SEC, typically four times a year for publicly traded companies.

Executives should review the accuracy of financial data, adequacy of internal controls, completeness of disclosures, compliance with accounting standards, and any material changes in financial condition or operations.

Benefits

Ensures compliance with SOX Section 906 certification requirements

Reduces risk of executive liability for false or misleading financial statements

Enhances credibility and reliability of financial reports

Facilitates thorough review of financial statements and disclosures

Strengthens overall financial reporting processes and internal controls