With the experience of hundreds of Internal Control and Financial Reporting compliance engagements under our belt, we provide our clients with the most tactical and cost efficient strategies to accomplish and manage their compliance efforts. Having assisted the very first Sarbanes-Oxley registrant comply with Section 404, our team of experts continue to provide our clients with exceptional thought leadership in tackling what can often be confusing or complex legislation.
Whether you are preparing for IPO readiness, or are a mature organization continuing to manage SOX, Model Audit Rule (MAR), NI 52-109, or OMB Circular compliance, we can reduce the compliance burden and work closely with you to accomplish your goals in a cost effective and sustainable manner.
Our services include:
- Internal Control & Compliance Strategy Management
- Complete Project Management
- Special Project Services
- Consult and Evaluation of Internal Efforts to Date
- Co- Sourced Compliance & Internal Control Services
- Full Out-Sourced Compliance & Internal Control Services
- Technology Enablement
- Control Rationalization
At Control Solutions International, our professionals use a risk based approach working with Management to develop the appropriate solutions to be implemented enabling our clients to reduce risk and leverage opportunities.
Examples of these fully customized approaches:
Sarbanes-Oxley , J-SOX and National Instrument 52-109
Since the inception of the Sarbanes-Oxley Act of 2002, Control Solutions International has been at the forefront in delivering quality compliance results. We have a proven foundation in helping clients comply with this legislative requirement along with those that followed such as J-SOX in Japan and National Instrument 51-109 in Canada.
Our team of professionals will help you:
- Critically assess your existing control environment and supporting documentation to achieve a more efficient process.
- Establish continuous control monitoring to reduce the man-hours required for conducting control testing.
- Help you understand where material risks are within your business (top down) and objectively establish a strong, concise, control environment.
- Integrate the activity performed for SOX with your other Internal Audit plan.
- Maximize your existing systems through automating controls and reducing delivery timelines.
- Achieve independence in the testing activity to leverage greater External Auditor reliance.
- Align the control environment to your management’s Entity Wide objectives and standards.
- Work with all parties involved in the compliance effort [Management, Employee and Auditors] to achieve integrated, economical, and sustainable delivery.
- Integrate control objectives with business performance measures.
Model Audit Rule Financial Reporting Controls Compliance
Since 2010, the National Association of Insurance Commissioners (NAIC) has required all private insurance companies with direct premiums written and assumed in excess of $500M per year to adopt enhanced governance and reporting standards. Section 16 of the Model Audit Rule (MAR) requires an annual assessment of Internal Controls over Financial Reporting (ICFR), with many similarities to Section 404 of the Sarbanes–Oxley Act. MAR is specific to Statutory reporting, not GAAP reporting which can present some challenges for Audit Committees and Management in understanding exactly what is required to comply.
Our team of experts will help you to:
- Understand exactly what is required of the Act and help you to design a cost effective plan to comply.
- Work closely with you to develop or review your existing Risk Assessment for compliance. If one has already been performed, we can provide you with an independent perspective regarding your continued compliance efforts.
- Execute an Entity Level Assessment which is the basis of a top down risk based approach to completing all other components of compliance.
- Assist with Process Documentation, Control Design and Testing of Key controls utilizing automated tools and leveraging our expert resources which will dramatically reduce the level of compliance effort and cost.
- Work closely with management and functional process owners in remediating areas of deficiency.
- We will recommend ways you can leverage your existing technology as much as possible. We employ experts who have worked with a wide range of ERP systems who you can rely on and will help you streamline your operations throughout this exercise.