SOX for Emerging Growth Companies
Bridgepoint partnered with Ernst & Young on March 28, 2012 to provide a comprehensive update and overview of Sarbanes-Oxley (SOX) audit and management compliance requirements for companies that are poised for continued growth and potential IPOs.
The presentation and discussion included:
- overview and history of SOX;
- new requirements;
- external auditor expectations;
- IT security issues and challenges in a “cloud computing” environment;
- common challenges and benefits for Emerging Growth Companies (ECGs) as defined by recent passed legislation;
- leading practices and methodologies.
Resounding themes discussed by the group for successful SOX implementation included:
- Organizational buy-in to implement and sustain an effective SOX program;
- Start SOX readiness early – it always takes longer than anticipated;
- Apply top-down, risk-based-approach focusing first on pervasive entity-level and IT internal controls over financial reporting and disclosures;
- Identify key internal control design gaps and deficiencies timely for remediation; and
- Involve your external auditor throughout the process.
For more information, please contact David Roe, Bridgepoint Consulting Director of Governance, Risk & Compliance at 512-437-7903 or Droe@bridgepointconsulting.com.