Sarbanes-Oxley Compliance
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Many Asian businesses that access the US capital markets are required to comply with the Sarbanes-Oxley Act or face severe penalties. We are well advanced in the implementation of compliance with the Sarbanes-Oxley Act across the world. In our observations and dealings to date, complying with this Act can become extremely costly without the right resource. Section 404 creates the most work, with the requirement to include as part of a company's annual SEC filings, a report by management on the effectiveness of the company's internal controls, providing sufficient documentation to support this assertion and obtaining a sign-off from the external auditors. With the seriousness of non-compliance and the difficulties associated with implementation, we strongly urge you not to delay the start of the assessment process so that any remediation needed to meet the requirements can be accomplished in time. Based on our strong track record of practical experience and our Sarbanes-Oxley resources we can help you avoid the pitfalls, shape your solution and meet these deadlines. Our Control Analysis Tool methodology, CAT ScanTM has been proven to successfully support management’s Sarbanes - Oxley certifications. It utilises the COSO framework and consists of four phases as highlighted in the following diagram:
In addition, should you require a system solution to support your Sarbanes-Oxley compliance project we can offer a number of alternatives ranging from simple and effective Microsoft Excel and Word templates to our more sophisticated software solution, FOCUSTM. We have worked with Paisley Consulting, a leading software developer of business accountability solutions, to create a special edition of Paisley's Sarbanes - Oxley FocusTM tool. This edition utilises Grant Thornton’s CAT ScanTM methodology to provide you with an efficient method of documenting and evaluating internal controls to ensure on-going compliance with Section 404 of the Sarbanes-Oxley Act. It is a powerful solution for clients as it was created by true internal control experts and software experts. If you wish to know more about our Business risk services, please contact: Patrick Rozario Chris Tam (Shanghai) Gordon Hau Ron Ho (Shanghai) |
