We offer three levels of Sarbanes-Oxley consulting services depending upon your needs.
Consultancy and set-up
You undertake the documentation and evaluation of key systems, risks and controls and we provide advice and guidance in a consultative capacity.
Working together with you
We work with you or your management team to carry out the documentation and evaluation process.
We are responsible for only the documentation, which tends to be the most time consuming activity. Your management team is responsible for testing the controls.
The Sarbanes Oxley consulting process
The process that we follow to ensure that your company complies with the Sarbanes Oxley Act is outlined below:
Scope of the project
First, we establish exactly what the evaluation process will consist of. We then identify the ‘significant’ accounts to be included within the process. We then devise a precise project plan to ensure that all parties are aware of their roles and responsibilities.
Document the financial reporting systems
We undertake documentation of the relevant accounts processes in order to understand the flow of information and the points at which there is a significant risk.
Undertake risk assessment and document existing controls
Once the risk points are identified, all possible risks are subject to evaluation. We then identify any existing controls and develop any other necessary controls.
Evaluate risks and controls
The varying levels of risk at each stage of the process are then evaluated. Key controls and control points are determined. We then evaluate design effectiveness and the coverage of the key controls.
Report on design effectiveness
Once all our evaluations are complete, we provide detailed, practicable written advice to your management team, outlining any recommended improvements to the control design. At this stage, we ensure that ownership and responsibilities for the improvements are agreed.
Test and retest
Finally, we test and re-test the control’s operational effectiveness according to the PCAOB guidance. Following testing, we highlight any operational deficiencies if encountered, and provide advice on the remedial actions necessary. We then re-test where appropriate.
The next step
If you would like to discuss the Sarbanes Oxley consulting services we can provide for your business in more detail, please contact one of our Sarbanes Oxley specialists listed below, or complete the contact form.