During 2003, the SEC issued new rules governing internal controls over financial reporting relating to the Sarbanes-Oxley Act of 2002 (“SOX”). CFGI has established itself as a leader in the field of SOX compliance by assisting numerous companies in meeting the requirements of the complex standards imposed by the SEC and the PCAOB. CFGI has developed a unique approach to the compliance process consisting of the following:
- Risk assessment and financial statement mapping;
- Documentation and assessment of processes and controls;
- Testing and remediation of key controls; and
- Evaluation of management’s assessment of design and operating effectiveness.
CFGI team leaders communicate with management and external auditors throughout the implementation process and provide focused recommendations for the improvement of internal controls and processes. CFGI’s performance has received praise from clients and their Big 4 external auditors. As a result of this approach, clients have benefited from increased efficiency and effectiveness of processes and controls, minimal disruption during implementation, and high levels of compliance.
An organization’s internal audit function plays a critical role in documenting processes, identifying risks and assessing control effectiveness. With the passage of SOX, internal audit has taken on an even greater importance in improving internal controls, providing transparency and ensuring reliability of financial reporting. As a result, companies have placed a greater emphasis on their internal audit teams and their ability to contribute to the organization. CFGI’s professionals provide a range of services across the internal audit function, from temporary support, to meeting looming deadlines, to acting as an outsourced provider of a company’s entire internal audit function.
