Sarbanes Oxley for Public Companies
SOX Success Strategies
Currently Sarbanes Oxley Compliance is expensive non-value added compliance activity. HOPTOM's goal is to leverage the required Sarbanes Oxley compliance work to drive value for companies. We have four main strategies to accomplish this.
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Strategy #1 - Leverage AS5 Implement a risk based top-down approach and rationalize/optimize controls. |
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Strategy #2 - Harness Technology Harness technology to automate as much of the compliance process as possible by using audit software tools best suited for your needs. |
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Strategy #3 - Link Sarbanes Oxley Section 404 and ERM (Enterprise Risk Management) Companies need to beat the "SOX in a BOX syndrome." There are real opportunities for linking a company's SOX Compliance efforts to its ERM process. Companies with an existing ERM process need to integrate Sarbanes Oxley Section 404 compliance into the ERM process or framework. HOPTOM can provide guidance on how to make this link. |
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Strategy #4 - Focus on the spirit of the Sarbanes Oxley Act. Many of the issues that made passing the Sarbanes Oxley Act of 2002 a necessity stemmed from employees and officers making questionable choices. A focus or refocus on ethics and the culture of the company helps to identify and eliminate those characteristics in a company's environment which give rise to the perception that questionable choices are permissible. Focusing on assessing and monitoring the ethical and social culture of a company makes it desirable to do the right things. Studies have shown that ethical companies perform better over the long-term compared to those that do not. HOPTOM helps companies to focus on what is most important by helping to implement a program to identify, assess, and measure the ethical culture of a company |
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