Sarbanes-Oxley Compliance
Given the current market situation, and the continuously changing regulatory environment, a company that intends to go or recently went public should consider the latest trends in investors’ attitudes. Apart from business and financial performance, other aspects of Sarbanes-Oxley (SOX) - such as governance, risk and compliance (GRC) approach - endorse the company’s public image and may facilitate the decision-making of potential investors.
The first challenge to overcome when complying with SOX requirements, is the transition from the informal control environment of a private entity to a standardised and well controlled environment. SOX is not just a bureaucratic requirement, but also an important tool for Management to formalise processes and establish adequate mechanisms that will enhance operational efficiency.
PwC assists and supports clients by:
- Delivering customised, interactive training programs and workshops focused on the familiarisation of employees with SOX requirements
- Delivering Risk Assessment /Scoping exercises
- Assessing the degree of readiness and the level of maturity of company controls in meeting SOX requirements
- Documenting key business processes (through narratives / flowcharts / risk matrices), identifying key controls, performing walkthroughs and assessing the design effectiveness of controls, based on PCAOB standards and the COSO framework
- Testing the operating effectiveness of company controls
- Evaluating identified deficiencies and providing recommendations for improvement
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