Establish Internal Controls That Do More Than Check Boxes
For many organizations meeting Sarbanes Oxley Compliance (SOX) requirements can be just another compliance task to cross off the list. But, depending on the expertise of your team or how quickly you need to meet them, establishing SOX internal controls and reporting can be a complex undertaking.
At Centri, our experts provide value beyond just helping you be compliant. We’re also passionate about helping you establish internal controls that are actually a value add for your business, making process improvements, and enhancing the reliability of your financial statements.
Why Are Internal Controls Important?
From a top-level perspective, SOX compliance requirements are intended to instill credibility and transparency around financial reporting and the operations of your business. At Centri though, we believe they should also work to your benefit. Creating sound internal controls is a great way to help mitigate the risks facing your business.
Our Approach
It all starts with discussing your business model and its unique needs, then we’ll provide recommendations and follow up with support in the areas you need it most. Learn more about our comprehensive services below.
SOX Compliance Services
- Conduct SOX compliance readiness assessments to determine your company’s readiness if preparing for an IPO or exiting emerging growth company (EGC) status.
- Implement a sustainable SOX program in accordance with COSO 2013 internal control framework, including process documentation, risk, and control identification.
- Provide ongoing support for management’s assessment for ICFR (SOX 404a and 404b), including scoping, risk assessment, walk-throughs, testing, and reporting (including external auditor coordination) in a fully outsourced or a co-sourced model with applicable PCAOB and SEC guidance and requirements for integrated audits.
- Evaluate IT general controls (ITGCs) and new system implementations.
- Review tax strategies and provide tax advisory to help mitigate risks.
- Remediate material weaknesses and significant control deficiencies.
- Train your internal team to establish accountability for control and process owners.
Risk & Internal Control Assessments
- Conduct Enterprise Risk Management (ERM) assessments, including risk identification, prioritization, and mitigation.
- Facilitate an end-to-end business process evaluation to develop process narratives and flowcharting.
- Implement COSO 2013 integrated controls framework mapping and adoption.
- Work through the pre- and post-acquisition integration of people, process, and system controls.
SOC 1 Readiness & Report Reviews
- Manage SOC compliance program.
- Conduct SOC report selection and readiness assessments.
- Review, analyze, and document SOC 1 reports for outsourced service providers, third parties, and software-as-a-service (SaaS) models.
- Evaluate SOC reports for Sarbanes-Oxley compliance and third-party risk management.
Internal Audit Services
- Develop audit universe and internal audit methodology.
- Perform risk assessments and develop audit plans.
- Execute risk-based audits and draft audit reports for the board and management.
- Perform quality assurance and improvement program (QAIP) in compliance with the Institute of Internal Auditors’ (IIA) International Professional Practices Framework (IPPF).
Forensic Analysis & Support
- Provide forensic analysis for various fraud schemes, including payroll, cash, purchasing, theft, and expenses.
- Travel and entertainment expense assessments for executive officers performing a fraud risk assessment.
Why Work With Centri?
We’re one firm with many experts. Our team is well-versed across a variety of industries and has the expertise needed to ensure your team gets the support it needs to be fully SOX-compliant and set up for a successful future.
Meet Our SOX Compliance Practice Leader
Centri’s team of experts is ready to help you with your SOX Compliance needs. You can learn more about our specialists on the One Team page:
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Ready to Speak With an Expert About Your Internal Controls?
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