Sarbanes Oxley Act Compliance

After several corporate scandals, Congress passed the Sarbanes Oxley Act in 2002. It established new and enhanced standards and regulatory compliance requirements for corporate accountability as well as penalties for corporate wrongdoing.

Amongst its eleven Titles and many Sections, the Sarbanes Oxley Act established the Public Company Accounting Oversight Board (PCAOB) to oversee public company audits, corporate regulatory compliance, and to protect the interests of investors. The Sarbanes Oxley Act additionally addresses auditor independence, corporate responsibility and financial disclosures and certifications. Sarbanes Oxley compliance requirements specific to all SEC registered entities relate to the following areas:

• Audit committee expertise, oversight and accountability
• Corporate responsibility for financial reports
• Enhanced financial reporting disclosures
• Management’s assessment of the effectiveness of the entity’s internal controls
• External auditor attestation of internal control effectiveness assessment report
• Disclosure of significant deficiencies and material weaknesses in the internal control environment
• White collar crime penalties
• Corporate tax returns

Sarbanes Oxley compliance clearly requires that a corporate regulatory compliance process be established with ultimate accountability for compliance resting with the entity’s Officers and Audit Committee. The Sarbanes Oxley Act has set a new precedent with regards to Corporate Responsibility, Financial Reporting and Disclosure and accountability to its stakeholders.

Enterprise Risk Management can assist you with the development and implementation of a Sarbanes Oxley compliance process. Our consultants will facilitate an assessment of the company’s internal control framework and assist you with the development of business processes and control structure to ensure compliance with the Sarbanes Oxley Act. Additionally, we can evaluate the business risk environment and facilitate the development of action plans to mitigate these risks in an effort to minimize significant deficiencies and/or material weaknesses to help your company attain Sarbanes Oxley compliance.

Let Enterprise Risk Management help you navigate the myriad of requirements related to the Sarbanes Oxley Act.