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Compliance with SOX is not only a legal obligation but also a successful business practice. Companies should, of course, act ethically and restrict access to internal financial systems. However the implementation of SOX financial security controls has the side advantage of also helping to protect the company through insider threat or a cyber attack against data theft. SOX compliance can encompass many of the same practices as any initiative for data security.
For public companies, we have a complete Sarbanes Oxley Compliance Solution. We provide a scalable distribution model in which businesses can outsource to us the whole SOX Project or employ us to carry out particular phases of the SOX Project.
We specialize in delivering experienced support at multiple levels to help management resolve the core facets of the SOX Project, from doing risk evaluation, project scoping, recording, and evaluating controls, to helping management prepare and effectively enforce any remediation measures for defined control holes. We provide help for new public corporations with the introduction of an initial SOX roadmap.
We can assist you with Sarbanes Oxley Services with our readiness assessments, documentation and testing assistance, and sustainability assessments with the implementation and maintenance of sustainable SOX 404 compliance programs. Business professionals collaborate closely with consumers in both of these services to develop enforcement programs, share expertise and deliver instruction to facilitate an effective SOX 404 compliance policy.
The SOX services programs can be customized to specific customer requirements by way of readiness tests, reporting and monitoring assistance, and sustainability assessments.
- Readiness checks are used to assess how well trained a SOX 404 enforcement program is for the company to enforce. To help consumers ensure enforcement of an effective SOX 404 enforcement policy, it is structured to highlight gaps and make recommendations.
- Documentation and monitoring assistance was intended to help managers facilitate their review of the conformity of their company with the criteria of SOX 404.
- Sustainability tests are intended to support stakeholders in evaluating and enhancing their initial attempts to conform with SOX 404.
It adopts a risk-based strategy for each of these programs to define the internal controls on financial reporting risks (ICFR) that the company currently has in place or requires to resolve its core financial reporting risks and to facilitate the application of its preferred control structure (e.g. COSO).
Our initiatives for consumers of our member organizations are based on our approach and supplementary materials, e.g. the Point of View (POV) publications generated as a result of the SEC's Management Interpretive Guidelines. Our Internal Audit Risk & Regulatory Services (IARCS) staff, assisted by suitable subject matter experts, offer SOAS projects.
Clients can be supported by our services through several techniques such as:
- Prepare for an initial implementation package that takes advantage of the new guidelines to establish a cost-effective SOX 404 compliance strategy that is suitable for the company.
- Establish better ties between risks and the actions and opinions of management on how those risks are handled through the ICFR strategy of a company.
- By using a more oriented research approach that allows for the effect of recent or current direct and controlling entity-level controls and only testing process-level controls that are specifically relevant to defined financial reporting threats at the claim level, it eliminates paperwork and testing hours.
- Identify and introduce year-on-year enhancements to SOX 404 enforcement to minimize costs and increase the efficacy of the continuing compliance activities of a customer with SOX 404.
Our experts can also help you with:
- Plan, perform a risk assessment, and define the scope
- Document important procedures and associated entity-level, financial, implementation, and IT General controls
- Identify key internal controls covering assertions from financial statements
- Evaluate the design effectiveness of internal controls, including auditors' document walkthroughs for reliance
- Perform and record internal control testing of operating efficiency
- Evaluation of individual and aggregate shortcomings and consultation on remediation measures
- Report results to process/control owners, management, and Audit Committee.
NSKT Global provides the best SOX compliance and testing consultants in the USA and UAE, to assist management in addressing the key aspects of the SOX Project, from performing the risk assessment to scoping the project, documenting and testing the controls, to assisting management in preparing and successfully implementing any remediation plans for identified control gaps. For newly public companies, we assist with implementing an initial SOX roadmap, including risk assessment, controls framework, developing process documentation, and performing tests of design and effectiveness.
