Research shows that success of any project depends upon how well it has been planned. Sarbanes Oxley Compliance projects being no exception have to planned to be successful. So what do planning and scoping for Sarbanes Oxley involve. Before planning, an organization needs to have a deep understanding of its financial reporting processes. Also important is to identify the information systems and related IT resources that are key to the financial reporting process.

The financial reporting process involves initiating, recording, processing and reporting financial transactions. Financial transactions mean all types of financial transactions routine, non routine including non revenue generating transactions. For planning the Sarbanes Oxley engagement some other considerations would include looking at the accounting policies supporting the various accounting systems. Prevention, identiication and detection of fraud. All in all, one needs to make an assessment of the overall resources, controls and business requirements involved in the 404 project.

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