Compliance Methodology
Our approach to implementation of Section 404 of the Sarbanes-Oxley Act includes a menu of services that can be provided individually or in combination. Our implementation framework establishes a risk-based approach which encompasses linkages of financial statement accounts and elements to underlying, supporting business processes. We provide a process package complete with documentation, internal control design evaluation, key control identification and internal control testing. We partner with our clients to develop and implement remediation strategies and ongoing compliance efforts.
Project Management and Resource Support
Because our clients come in all shapes and sizes, we tailor our Sarbanes-Oxley services to best fit our clients’ needs. Our project management services include assisting our clients to identify project teams, set expectations, define detailed roles and responsibilities, determine timing, and establish documentation standards. We also function as “an extra set of eyes” by providing timely review of client-prepared documentation and testing plans. We assist our clients from start to finish as an advisor to their compliance efforts.
At Stinnett & Associates, we provide our clients with just-in-time resource support. We have highly qualified and experienced individuals on our bench that are available to support our clients' resource needs. From process documentation support to internal control testing and remediation development, our team is ready to assist.
Training
Stinnett & Associates believes that a critical element of the success of initial compliance efforts and the ultimate sustainability of the compliance process is education and involvement of all levels of process owners, management, the Board of Directors, and Audit Committee. As a result, we provide a variety of training options to our clients relating to the Sarbanes-Oxley Act. Our trainings have been attended by client senior management, members of the Board of Directors and Audit Committees, and business process owners. Our training addresses all areas of the Sarbanes-Oxley Act including:
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Overview of
Sarbanes-Oxley Act
- Highlights of Section 404 of the Sarbanes-Oxley Act
- Key aspects of PCAOB Auditing Standard No. 2 “An Audit of Internal Control over Financial Reporting Performed in Conjunction With An Audit of Financial Statements”
- Discussion of Internal Controls over Financial Reporting
- Sarbanes-Oxley - Continued Compliance and Managing the Process after Implementation
- Sarbanes-Oxley Project Approach and Timing - “What does it mean to you?”
- Audit Committee Requirements
- COSO Internal Control Framework
Corporate Governance and Audit Committee Support
Boards of Directors and Audit Committees are an invaluable resource for corporate governance and supporting management’s “tone-at-the-top. ” With the increased complexity of business and changing regulatory environment, it is often difficult for audit committee members and management to be aware of all relevant issues. Our services assist Board and Audit Committee members along with management in understanding changes relating to areas such as independence standards, stock exchange requirements, and financial accounting and reporting changes and their impact on audit and management responsibilities.
Examples of Corporate Governance Services we have provided include:
- Evaluation of Code of Ethics as compared to regulatory requirements
- Development of Conflict of Interest policies
- Evaluation of “Tone at the Top” and Entity Level Controls
