Investor activism, fraud, increased regulatory framework, complex relationship with suppliers and customers, Enterprise Resource Planning (ERP) systems as a single version of truth and emerging social media are changing the business models. These changes are compelling every business to review and fortify their internal controls program. The CEO/CFO annual certification of the financial statements under SOX program has become an integral part of the annual reports. BizXL Solutions can support your organization in the identification, impact assessment, governance, monitoring & reporting of enterprise risk and in the design optimization and testing of Internal Controls to comply with regulatory requirements.
Internal Control over Financial Reporting (ICOFR) (SOX 404 or NI 52-109)
SOX 404 or NI 52-109 requires CEOs and CFOs to certify the accuracy of company’s financial statements as well as the effectiveness of financial and disclosure controls.
As a CEO or a CFO of a company listed on U.S. capital markets (SOX 404) or Canadian capital markets (NI 52-109), you are responsible for successful completion of Internal Controls testing and reporting. You might be worried about having effective and efficient design and testing of Internal Controls to comply with the regulatory requirements. BizXL Solutions can be your trusted partner in your journey of optimized and effective risk management and successful certification.
- Our Value Proposition Model (SOX): We support the SOX journey of our clients to have adequate compliance and value creation through deployment of robust internal controls. Our model is based on the proven “Top down risk based approach” mantra which ensures that the right-sized smart internal controls are in place. We identify gaps and build a solid SOX program optimizing resources and costs. We assist in the design of SOX roadmap leading to the path of SOX nirvana meaning, SOX internal control continuum maturity.
Internal Controls Optimization in an ERP environment
To successfully mitigate business risks and improve ERP system effectiveness, businesses must create and maintain an optimal mix of internal controls. Getting right controls enables organizations to effectively manage risks, reduce costs, protect revenue, secure assets, and support compliance obligations. We specialize in optimization of key controls. We review and optimize key controls required using risk-based approach. The final solution is discussed and agreed upon with external and internal auditors. Reduction of number of controls will enable your business to redeploy valuable surplus resources to other mission critical objectives.
COSO 2013 – Framework Update
On May 14, 2013, after 20 years, the Committee of Sponsoring Organizations of the Treadway Commission (a/k/a as COSO) has revised its widely used 1992 framework to update it for the current business conditions. COSO specifically set its transition date and determined that it will no longer make its earlier version available after December 15, 2014 to facilitate a transition.
Every company that is subject to SOX compliance is required to adopt the new update COSO 2013 Internal Control integrated framework. The transition date is no later than December 15th 2014. We will collaborate with you to draw a roadmap for this project and ensure that the new update framework has been fully implemented.
At the heart of every organization are the core processes that enable creation and delivery of value to clients. We bring to our clients the opportunity of developing effective and efficient controls to reduce cost, manage risk and comply with regulatory requirements. As experts in process design, we bring additional value of overall process optimization to maximize value creation from the lens of the customers, shareholders and employees.
Corporate governance mandates compliance to all regulations and in particular industry specific such as Basel, HIPPA, EHSA, FATCA, FCPA, PCI etc. Companies spend significant resources including separate function such as Chief Risk Officer to ensure compliance and assure not only regulators, customers, employees and investors. The compliance requires robust knowledge of regulation and industry specific exposures to risk.
BizXL’S can deliver excellent compliance audit program through its domain expertise in compliance management in various industries such as financial services, health care and technology.