Regulatory compliance has always been a necessity. However, when given the right focus it can be leveraged to deliver efficiencies and competitive advantage. You can rely on our team of technical and industry specialists to help your business better manage and anticipate compliance obligations across the globe.
Are you facing regulatory change or increased oversight in your industry? Has your businesses experienced compliance failures? Is your business diversifying or switching priorities? These are all challenges that we can help you with.
We already work with a number of clients on SOX compliance.
For companies considering a US IPO, achieving Sarbanes-Oxley Section 404 (SOX 404) compliance is a daunting challenge, particularly during the initial year. For those organisations already managing SOX compliance, the process can become a routine exercise with little strategic or operational benefit.
Despite concerns regarding the initial upfront cost of compliance, correctly implementing an effective SOX program can and should provide many benefits including:
- Greater efficiency and effectiveness of key business processes
- Reduction in manual intensive activities
- Reduced risk of fraud
- Greater transparency and accountability across the business
How can we help you with SOX compliance
We help companies of all sizes achieve SOX compliance as well as assisting a number of non-public entities in achieving SOX-like compliance. More importantly, we are helping clients across the globe revamp and develop their SOX compliance procedures and controls so that they can achieve the benefits outlined above.
As our client, you would benefit from our focus on meeting your unique needs and our commitment to effective, open and regular communication. We will provide the experience and knowledge that will allow you to design effective and compliant internal control systems.
Our global network of controls experts combined with our deep industry experience allows us to support you wherever you are based.
Will UK SOX become a reality?
In late 2019, the Brydon review highlighted the need for better control over financial reporting and suggested a UK Sarbanes-Oxley Act (SOX) framework. Similar to US SOX, this would require a UK internal controls statement to the Board, signed by the CEO and CFO, regarding the effectiveness of internal controls over financial reporting.
BEIS consultations on these recommendations are still underway and the first reporting deadline is currently unknown. We believe that, should the UK SOX become a reality, 2023 is likely to be the earliest period for adoption. We recommend that you start this journey now to provide sufficient time to drive improvements and instil confidence in your controls agenda.
Our team of SOX and controls experts would welcome an opportunity to support you with the challenges ahead.