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BetaWatch Press Release
FOR IMMEDIATE RELEASE BetaWatch shares COSO Controls Implementation Estimate Template Toronto, CANADA July 27, 2005 - BetaWatch Inc. founder Temi Grafstein and associate Lu Lahodynskj delivered an address entitled COSO Controls and How to Estimate Implementation at the inaugural National Conference on Building Best Practice Internal Audit Function in the Public Sector. http://betawatch.com/IntAudit8.pdf The U.S. SEC recommends that in seeking
S404 compliance, organizations use COSO control components: Lahodynskj,
who was a British Army instructor, likened the situation to
a sergeant-major suggesting that you
"sit up straight and pay attention" --
one doesn't really have a choice in the matter. "Whether an organization is using COSO controls to practice good corporate governance, to adhere to S404 or Bill 198, auditors are only responsible for developing the risk tolerance processes. Management must be actively involved in execution of the controls," Grafstein said. "Executives cannot delegate assessment responsibility to the auditor." An attendee from SaskPower, Corporate Internal Auditor Ron Bruce, asked for advice on exactly how an auditor can explain this aspect to management that simply wants internal audit to take care of everything and refuses to get involved. Grafstein said that bringing in consultants to develop teamsmanship and teach inherent corporate responsibility can instigate change in corporate culture. Governance encompasses operating values, behaviours, traditions and other elements of organizational culture, as well as structure, decision-making processes and accountability mechanisms. It speaks to the way organizations treat and involve their employees, clients or customers, and suppliers in their operations. COSO controls requires thorough understanding of business process modeling, especially where information technology is involved. This requires that technology speak the same language as the business. Several case studies and solutions were described, including decision-tree multi-location mapping. Of great interest to the attendees was the model charting developed and used by BetaWatch. This enables one to estimate how long the COSO controls will take to implement and how much it will cost. Established in 1999, ßetaWatch Inc. is an independent technology audit corporation with no hidden agenda. BetaWatch provides COSO workshops, teaching compliance to front line employees helping corporations gain control over their risk management process. BetaWatch identifies critical business process dependencies on systems and staff creating documentation, evaluating, and testing internal controls, implementing monitoring to hand off ‘management of internal control’ to front line employees. This enables the board of directors and the audit committee to comply with today's higher standards of governance and identify and act upon appropriate accountability measures. Temi Grafstein's next address will take place at the Hilton New York, NYC on Wednesday September 28, 2005. She will be speaking about return on investment (ROI) vis a vis capturing, maintaining, monitoring internal and external organizational data. See http://betawatch.com/address/05sep28businessintelligence.pdf For a copy of the PowerPoint Address
please send your request to Public Relations
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