KimberlyBy Anna Maria Virzi | Posted 2005-09-07 Email Print
The maker of Kleenex tissue and other products faced a daunting task: Document 4,000 different financial controls. It could have been worse.-Clark By the Numbers">
Headquarters: 351 Phelps Drive, Irving, TX 75038
Phone: (972) 281-1200
Business: Manufacturer of facial and bathroom tissues, paper towels, napkins, disposable diapers, and feminine-hygiene and incontinence-care products for consumers; health and hygiene products for business. Brand names include Kleenex, Scott, Cottonelle, Viva, Huggies, Depend and Kotex.
Project Leader, Sarbannes-Oxley: Jerry Rehfuss
Financials in 2004: Sales of $15.08 billion; net income of $1.8 billion.
Challenge: Identify, test and document 4,000 internal controls each year for a company with 60,000 employees at 200 locations in 50 countries.
- Cut spending on Sarbanes-Oxley compliance by 25% in 2005, from more than $10 million in 2004.
- Ensure that access to computer systems and applications is audited annually and reviewed quarterly; the process had been sporadic.
- Reduce the number of controls that need remediation and/or better documentation by at least 50%.