Sarbanes-Oxley requirements have been in existence since 2002 when the Securities and Exchange Commission (SEC) adopted Section 404 of the Sarbanes-Oxley Act. Audit Standard 2 (AS2) was also adopted in 2002 and subsequently modified by Audit Standard 5 (AS5).

In the beginning, AS2 requirements were onerous and difficult to implement. Public companies spent an inordinate amount of time and money to ensure compliance with Section 404.

Under the guidance of AS5, Sarbanes-Oxley compliance has become more efficient and less costly. In most cases, management and their external auditors have successfully built SOX compliance systems that have become part of the daily workplace. Today, SOX compliance efforts should not be difficult or place undue financial stress on your company.

RubinBrown has successfully assisted both public and non-public companies become SOX compliant. Our risk-based approach is in complete alignment with the latest requirements as outlined in AS5.

The RubinBrown approach first identifies the risks to financial reporting and then maps key controls that address the individual reporting risks. The nature and the extent of compliance testing are tailored according to the risk of potential material misstatement. The end result is a top-down, risk-based compliance approach that is cost-effective and maintains a focus on the risks to financial reporting.

• Project Management and Thought Leadership - Manage the compliance project team to ensure timely completion of tasks and effective coordination with the company’s external auditors. Utilize our experience to ensure an effective and efficient process.
• Financial Controls Documentation - Using a risk-based approach, assist management in the documentation and evaluation of internal controls over financial reporting. RubinBrown professionals will identify issues in the process and recommend practical solutions.
• Compliance Testing - Assess the operating effectiveness of the internal controls over financial reporting. We can also assist in the remediation process by providing practical solutions to identified issues and coordinate the work with company’s external auditors to ensure maximum reliance on management testing. Section 302 Certification - Develop an effective process for the CFO and CEO to comply with the Section 302 Certifications.

The Internal Audit Services Group has compiled the following resources that may be helpful to you or your business:

Institute of Internal Auditors (IIA) – www.theiia.org

Securities & Exchange Commission – www.sec.gov 

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – www.coso.org 

Information Systems Audit and Control Association (ISACA) – www.isaca.org  

We welcome your questions or comments about RubinBrown's Sarbanes-Oxley services.

For more information, please contact:

Audrey Katcher, CPA, CISA, CITP
Partner-In-Charge
314.290.3420
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Richard Feldt, CPA
Partner
314.290.3220
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