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business issues and have far-reaching impact on the management of pension plans. Controls More important to the ongoing management of your company are the requirements contained in Sections 302 and 404 of SOX. These sections cover both the attestation of the CEO and CFO on the overall financial statements as well as an assessment of the internal controls. This is where the ongoing impact of SOX will be felt by pension plan management. I ll briefly describe what is covered under these sections and then explain internal controls. Requirements of Sections 302 and 404 Section 302 requires that the CEO and CFO certify that the financial statements do not contain any material errors and that they provide a fair representation of the financial condition of the company. Also, this attestation must certify the internal controls of the company. This begs the question, What are internal controls Internal Controls For nonauditors who do not deal with accounting issues, the definition of an internal control is sometimes difficult to understand. In brief, controls focus on how the numbers are generated, not what the numbers are. A corporate audit focuses on what the numbers are, while a control audit focuses on how the numbers are put together and how are you going to detect an error (now or in the future). Here s the Securities and Exchange Commission definition (selectively edited down for you nonaccountants): A process . . . to provide reasonable assurance regarding the reliability of financial reporting . . . in accordance with generally accepted accounting principles . . . that pertain to the maintenance of records . . . that receipts and expenditures . . . are made only in accordance with authorizations . . . that provide reasonable assurance regarding prevention of or timely detection of unauthorized acquisition, use or disposition of . . . assets that could have a material effect on the financial statements. A control focuses on: Reduction of the possibility of financial restatement. Security of assets.
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A MANAGER S GUIDE TO STRATEGIC RETIREMENT PLAN MANAGEMENT
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Approval of transactions. Maintenance of records. In addition, the mere fact that your company has never had any error in its financial statements (i.e., it has never had to restate earnings, etc.) does not mean that your controls are strong. Designing a control necessary to comply with SOX is beyond the scope of this book. In summary, the process is similar to other business process maximization (think six sigma). One starts off with a risk assessment, identification of inputs, constituencies (staff, vendors, etc.), flow charts of process, who owns the process, who will control the process, what one does if there are exceptions, testing the process, and so forth. The output of a formal control will be answers to the following: What is the activity Who performs it How often What is the evidence of the control How are exceptions monitored
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IMPACT ON HUMAN RESOURCES Where does HR come into play in SOX compliance Thankfully, many of the internal controls and processes in HR are not in the scope of the CEO/CFO attestation. For example, controls over complying with HR policies are typically not included. The major role HR will play will be in three areas: 1. Culture. SOX changes the culture of public companies and how they prepare financial statements and run their companies. Formalization of the controls has changed the environment at public companies. Also, if your company operates internationally, SOX will stress the relationship across borders. Consulting firm Deloitte and Touchelle provides an appropriate metaphor for SOX and a company s culture: Good governance must be stitched into the fabric of the company. Strong internal control should become part of the corporate DNA. * 2. Communication. SOX compliance requires that HR, legal, finance, and treasury operate together in an effective manner. HR, with expertise in communication, should play a key role going forward.
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*Deloitte Development LLC, Under Control Sustaining Compliance with Sarbanes-Oxley in Year Two and Beyond (Deloitte Development LLC, 2005), 3.
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