Sarbanes-Oxley and Internal Financial Controls Transformation and Compliance Services

Sarbanes-Oxley Transformation & Compliance Services

PwC’s SOX approach applies a top-down risk-based methodology that helps clients focus on the right risks and maximize efficiencies.  We provide a full range of SOX advisory services, which address your business and compliance needs:

  • End-to-end SOX project management
  • Conduct risk assessment (as required under AS-5)
  • Assist corporates to document and evaluate internal controls
  • Document “as-is” processes throughout the organisation, assess gaps in controls, and determine appropriate steps to remediate control gaps
  • Perform key controls testing
  • Identify Best Practices that can be integrated across the organisation
  • Assist in developing an internal control framework
  • Assist in developing a risk management framework
  • Train personnel on COSO, methods of documenting controls, etc.
  • Reinforce continual improvement and analysis process
  • Institutionalize self-assessment

IFC Framework design and implementation as per Companies Act 2013 requirements

The Companies Act, 2013 has introduced several new requirements for raising the bar on corporate governance. One significant requirement applicable universally to all companies is for the Directors to confirm the adequacy of their internal financial controls framework and the operating effectiveness of such controls.

PwC assists clients by undertaking an extensive review of the internal financial control framework, in alignment with the ICAI Guidance Note on Internal Financial Controls over reporting, which inter-alia includes:

  • Gap assessment and testing of Entity Level controls
  • Identification of significant risks and controls for all key process areas, designing the Risk and Control matrix (manual and automated controls) and mapping of key safeguards with supporting evidences
  • Performing test of design for all identified key controls, assessing the design effectiveness for the same and identifying control gaps and improvement opportunities
  • Testing the operating effectiveness of the internal controls, identification of key deficiencies, and suggesting remediation plans and mitigating controls to address such deficiencies. 
  • Training the client workforce to ensure compliance to the IFC framework and building a roadmap for on-going monitoring of the framework through self-assessment and automation
  • While providing the service we also benchmark the client’s processes and controls to industry best practices and offer implementable recommendations.
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