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Frequently Asked Questions (FAQs): SOX and internal control over financial reporting services (ICFR)
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SOX and internal control over financial reporting services
SOX program needs addressed with people, processes, and technology
Some organizations are new to Sarbanes-Oxley (SOX), while others have long faced its requirements. No matter where you are in your SOX life cycle journey, we understand your goal is to make your SOX program more efficient and effective, including leveraging innovations like Generative AI (GenAI) to achieve reasonable assurance for regulatory compliance. With us, you can get insights tailored to meet your needs.
Management's challenge
SOX compliance is a fundamental, yet complex, part of an organization’s governance, risk, and controls (GRC) environment. The implementation and ongoing management of an effective internal control framework requires oversight, assessments, and reporting, all of which may depend on people, processes, and technology working together seamlessly.
Companies new to SOX may find that designing and implementing an internal control framework for compliance can be demanding and put a strain on company resources. Companies already complying with SOX may struggle to efficiently and effectively assess internal control over financial reporting (ICFR) and to further analyze the results. Management may also struggle with implementing controls for nonrecurring or significant transactions, evaluating existing controls, and responding to deficiencies and material weaknesses. Deloitte provides services that may help you on your SOX journey.
Addressing a range of SOX program needs
Deloitte can assist with your strategy and address your SOX program needs by bringing a risk-based approach, while promoting flexibility and scalability, to develop a repeatable and sustainable process to help you achieve your goals.
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Private company internal controls services
SOX readiness services
Internal controls co-sourcing services
Considerations for ERP systems and digital transformations
SOX modernization services
ESG internal control support services
Services for complex and infrequent transactions
SOXWise services
Private company internal controls services
Risk management and internal controls provide tremendous value to private organizations. This value isn’t only for companies getting ready for a public listing; it’s also for companies that want complete, accurate, and transparent financial and operational information available for decision-making and reporting. Additionally, private companies may be able to improve efficiency or the speed of close, to both allow resources to have more time for strategic business needs, and to allow decision makers to get financial information more timely. Our tailored, risk-based approach to controls is practicable in the design and application of the framework for private companies, establishing and/or enhancing their internal control environment to increase the reliability of information from across the organization as its used in the preparation and analysis of the company's financial results and other relevant decision-making activities. Your internal control framework doesn’t need to be overengineered or overly complicated. Instead, it should be designed to be scalable and flexible so it can adapt to changes within and around your company.
SOX readiness services
Preparing for SOX compliance—whether you’re pre-IPO, newly public, or part of an acquisition—can be challenging. Our risk-based approach enables the establishment of an internal control framework that is practical, scalable, and aligned with regulatory standards. With the power of GenAI, we can aid in simplifying the readiness process, automating workflows, streamlining analyses, and providing real-time insights to potentially reduce manual efforts and increase accuracy.
Our Governance, Risk, and Compliance (GRC) professionals can use next-generation technologies, like GenAI, to assess your current processes and controls, identify gaps faster, and recommend enhancements that support a sustainable, long-term compliance program. GenAI also allows us to automate research and verification, which may improve adaptation rates of regulatory changes with minimal disruption.
By companies employing innovative technologies and engaging our experienced professionals, their SOX readiness can be better equipped to:
- Plan for change.
- Create synergies.
- Reduce disruptions.
- Provide transparent insight to those charged with governance.
- Enhance communication and collaboration.
Internal controls cosourcing services
Each organization’s control environment has unique considerations and challenges. Determining that you have resources with sufficient skillsets at the right time can keep your control environment operating effectively and allow for the opportunity to improve your internal control compliance program. Deloitte can help you achieve your ongoing SOX compliance with our cosource services. Deloitte supplements your team with experienced professionals with deep subject matter knowledge, insights, and leading practices, while providing testing support for management’s assessment of internal controls over financial reporting. Our cosource service is scalable and flexible allowing you to decide the level of involvement from ad hoc to more recurring assistance.
SOX modernization services
By harnessing cutting-edge technologies such as GenAI, we can bring the benefits of automation, real-time insights, and advanced data analysis to your SOX modernization efforts, transforming compliance from a checklist exercise into a strategic asset.
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Enhanced quality Increase transparency and visibility into business process with meaningful insights to managing risks. |
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Deeper insights Refocus efforts and move away from point-in-time solutions and focus on addressing issues at their root cause. |
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Increased efficiency Enhance focus on risks and key controls to focus on what's important, and employ percision controls testing methods while moving away from a checklist approach. |
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Potential reduction in total cost of compliance Create efficiencies by redeploying highly skilled resources to other strategic assignments. |
Services for complex and infrequent transactions
Organizations may enter transactions or events that can be strategically positive but can also be disruptive for their business. These transactions may be infrequent but can be complicated and have their own unique internal control considerations. As you enter these transactions, Deloitte can take a fresh look at your control environment and assist you with streamlining processes and controls and identifying opportunities for effectiveness. Some examples of complex and infrequent transactions where we can assist include post-merger integration of internal control frameworks, adoption of new accounting standards, and evaluation of complex contracts or significant non-recurrent transactions.
SOXWise Services
SOXWise is a modernized approach to SOX compliance serving clients in a differentiated outsourcing model. SOXWise allows clients to standardize and help maximize the efficiency of their SOX programs through leverage of our operating platform and delivery model. The SOXWise solution helps to provide effectiveness and operational efficiency in your SOX compliance program while supporting the needs of management, auditors, and regulators. We provide the full suite of services including risk assessment testing of design; implementation and operating effectiveness; and monitoring, remediation, and reporting. Our scalable solution uses data-driven technology and analytics to standardize documentation, workflow, and reporting to create a more effective and efficient outcome while driving compliance outcomes.
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The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.
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