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Sarbanes-Oxley Act (SOX) Compliance


Let’s face it.  Everyone thought SOX compliance was routine. Assess risks, define controls, test controls.  Wash, Rinse, Repeat.

Then the PCAOB dropped Staff Alert 11 on the industry.

In the wake of Staff Alert 11, companies have been challenged to go back to the drawing board and continually assess risks within their environment and understand whether or not controls are truly designed and operating at a level that would mitigate a material misstatement.

To accomplish this requires a shift in culture and focus and this is a change with which Armanino can help. 

We have developed conceivably the most comprehensive yet cost-effective approach to ensuring that your internal controls related to financial reporting comply with all aspects of the Sarbanes-Oxley Act.

What are the keys to our methodology that make it so successful?  I am glad you asked:

Experience: Experience has taught us that unfocused interpretation and broad application of SOX is costly, arduous and frustrating to management, shareholders and regulators. Too many companies unilaterally document and test all controls though this is not usually necessary.

Coordination and Collaboration: Armanino's approach is different. We recognize that we serve a unique role in managing both management’s activities as well as those of their external auditors.  Our Sarbanes Oxley audit methodology includes a strong focus on project management activities that foster collaboration with all parties.  This helps to provide assurance that all parties remain aligned, are aware of emerging trends and issues and have clear line of sight to the resolution steps to tackle these issues.

Continuous Improvement: We view continuous improvement as a strategic imperative.  When you don’t strive to improve across all aspects of your methodology you become complacent and that is when risks get missed.  Throughout our project engagements we work with stakeholders to assess the current processes, both managements and ours, as well as the enabling technologies to determine where updates can and should be made.  This hyper-focus on improving helps us to stay one step ahead and ensure that risks are fully mitigated and operations are effective as possible.


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