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Case Study Thirteen: Outsourced SOX Services Provided to an SEC Public Company

Summary Level

An SEC-registered public company on the verge of bankruptcy required outsourced internal auditing expertise to handle all compliance and internal control requirements. The company had limited resources and accounting personnel and required an efficient approach to ongoing Sarbanes Oxley (SOX) Compliance efforts.

Details

Client’s Situation:

An SEC registered public company on the verge of bankruptcy required outsourced internal auditing expertise to handle all compliance and internal control requirements. The company had limited resources and accounting personnel and required an efficient approach to ongoing SOX Compliance efforts.

Accounting and Business Consultant’s Engagement Role:

We were engaged to provide outsourced internal audit consulting services for SOX compliance.

Engagement Results:

We successfully performed outsourced SOX compliance services for 2 years until the company ultimately filed for bankruptcy and was delisted from the stock exchange. Management was able to adopt a risk-based approach to efficiently utilize limited resources and implement entity level controls, which enhanced the Company’s operations and management efforts. The Audit Committee of the Board of Directors received clear and concise updates on a regular basis.