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Case Studies
SOX Compliance Deadline Achieved for a Non-Accelerated Filer
Challenge:
A publicly held manufacturing company, a non-accelerated filer, lacked the expertise and resources to establish a Sarbanes-Oxley compliance program as required by the SEC. The company was formed through recent acquisitions, and did not have established accounting policies and procedures, financial systems, or processes to create reliable financial statements. The newly appointed CFO was challenged with establishing a dependable corporate financial reporting function while facing restatements and SEC inquiries into past financial reporting practices.
The Bottom Line:
The Johnsson Group (TJG) was engaged to develop and implement a risk-based Sarbanes-Oxley compliance program. As project manager, TJG provided subject matter expertise related to the compliance requirements, coordinated all activities of the business team members, and secured the early engagement and support of the client’s external auditor to establish a basis for streamlined future audit activities based on control program reliance. Business processes and controls were significantly strengthened via:
- process re-designs,
- implementation and reliance on ERP system controls,
- standardized subsidiary company reporting and analytics, and
- formal and documented accounting policies
Under The Johnsson Group’s direction, the company achieved Sarbanes-Oxley compliance within the required timeframe, and was positioned to sustain future compliance without additional assistance.
