Sarbanes-Oxley compliance (SOX)
While many public companies – and those seeking a public listing – know that they must comply with the Sarbanes-Oxley Act of 2002 (SOX), they are not fully aware of the scope, cost and complexity of these requirements. Internal teams can quickly become overwhelmed with the critical and essential requirements of Sarbanes-Oxley. This is especially true for companies that do not have the resources to staff a dedicated SOX team. However, given the high cost of non-compliance, it is crucial to implement the SOX programme correctly.
The Sarbanes-Oxley Act is intended to restore investor confidence in the accuracy and reliability of published financial data by companies after the 2009 accounting scandal. The law affects US and foreign companies whose securities are traded on US stock exchanges or whose equity securities are traded over the counter in the US, as well as companies, including subsidiaries, whose securities are offered to the public in the US.
The law has led to far-reaching changes in corporate governance. One of the most significant provisions is that each annual report must include an assessment by the company's management and an opinion by the auditor on the effectiveness of the internal control system for accounting. An internal control system encompasses all measures designed to ensure the quality of the quarterly and annual financial statements prepared for accounting purposes. RSM Ebner Stolz has the right people, processes and technologies to help you comply with the Sarbanes-Oxley Act. Our SOX consultants have extensive industry experience and use a modernised framework and a sustainable, risk-based approach. We have developed testing methodologies that are designed to reduce the risk of financial misstatement, mitigate risk and reduce the potential for audit by external auditors. By using data analysis, process mining and automation, we can increase efficiency, accelerate compliance and reduce the burden on your internal teams.
Aligning a SOX function with your organisation
Before diving into your Sarbanes-Oxley programme, RSM consultants will learn about your organisation's overall business priorities, processes and challenges. We will then help you to develop solutions that are tailored to your organisation's unique environment and that grow and evolve with your business.
If you do not yet have a SOX compliance strategy in place, we will create a framework that increases efficiency, reduces your team's workload and minimises risk. If you already have a SOX compliance strategy in place, we will evaluate your existing programme and suggest changes, where appropriate, to improve its effectiveness and efficiency.
Our Sarbanes-Oxley compliance services at a glance
Co-sourcing
Augment your SOX function with our co-sourcing or augmentation services. Our consultants provide the resources and experience needed to strengthen your programme and support your efforts. They work with you to execute your programme using your existing methodology while providing insights into leading practices. You also benefit from our experience with the latest skills, methodologies and perspectives.
Outsourcing
Take the pressure off your team with our comprehensive SOX outsourcing services. Our consultants work with your team to transform compliance functions with innovative automation solutions while identifying financial reporting risks and developing efficient risk mitigation strategies. We can also leverage our proven methodology to unlock value beyond compliance, including improved efficiency, reduced internal workload and accelerated compliance implementation.
Optimisation
Optimise your SOX compliance efforts and improve your internal control system with our expertise. Our experience in emerging issues, the regulatory landscape and digital audit helps us evaluate your current SOX programme. After identifying gaps and controls, we determine rationalisation and automation opportunities that lead to a more efficient and effective control environment.
On-call service
Help ensure success from the outset with our SOX on-call services for pre-IPO and newly listed companies. Our consultants take a risk-based approach to developing and implementing a SOX compliance roadmap and can help you strike the right balance between the cost of compliance and risk mitigation.