Reviewing SOX Internal Controls and Implementation

The Sarbanes-Oxley Act (SOX) started in early 2000s following the Act passing in 2002, which required all qualifying SEC-registered organizations to document, evaluate, monitor and report on internal control over financial reporting. SOX has been raising the stakes for Chief Information Officers and information technology departments by requiring certification on the performance of systemic internal controls that contribute to the accuracy and integrity of financial reporting. SOX has been expensive, daunting and frustrating for all public companies that must be compliant.

At the beginning many external, internal auditors and companies scurried with little real guidance to get ready. Over more than a decade “dealing” with SOX, business and IT processes have been over-documented with excessive numbers of “key” controls. On the other hand, new innovations and changes in technology have made drastic changes as how business is conducted and managed. Cloud systems, virtual systems, and more advanced mobility technologies provide business with a better and easier way to reach customers and access business data, but they also brought new challenges for data protection and controls.

It is time to take a “Fresh Look” at internal control documentation! The improved process documentation should match today’s environment, risk, activities and controls. As a result, auditors will have a better roadmap for internal audit work. Carrtegra always suggests our clients to lead the process and control improvement effort to eliminate challenges by auditor on key controls and ineffective controls, not the other way around. When leads such effort, it saves time and money. This does not mean to exclude the auditors during the review process, they are a valuable resource and can provide insightful feedback on process and control improvement.

Successfully addressing your compliance issues and control documentation require experience and expertise to manage solutions within the perspective of your unique needs. Carrtegra offers our clients a wealth of experience from professionals who have worked with multiple levels of business and government in addressing SOX compliance, process and control improvement.

For clients who need SOX implementation, Carrtegra offers a complete set of compliance solutions that identify and address their specific needs:

  • Efficient Methodology
  • Data Gathering Templates, Forms, and Deliverables
  • High-Level Review of Operations
  • Assessment of Compliance Risks
  • Process and Control Documentation
  • SOX Testing and Remediation
  • Project Management
  • Education & Training

For clients who need to revamp SOX controls, Carrtegra offers a deep dive and review of SOX related processes and controls:

  • Process Walkthrough
  • Perform Gap Analysis
  • Identify Overlap Controls or Unused Controls
  • Identify Missing Controls
  • SOX Testing and Remediation
  • Education and Training

Our solutions will educate your staff about SOX requirements and assist them in executing the work efforts involved in SOX initiatives and process and control improvement. We train our clients’ staff to ensure that they will be well equipped to manage an effective SOX compliance program.

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