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Accelerating SOX Remediation and Compliance for a High-Growth Auto Finance Company​

Accelerating SOX Remediation and Compliance for a High-Growth Auto Finance Company​

Faced with critical delays in their SOX compliance process, a specialty auto finance firm sought our support to remediate control gaps, complete internal testing and build sustainable frameworks for risk and compliance—bringing the organization back on track with confidence and speed.​

Challenge

A fast-growing specialty auto finance company found itself significantly behind on SOX self-assessment testing and remediation efforts due to high internal turnover and organizational growth. With control gaps still unresolved and deadlines looming, the client’s interim CFO recognized the urgent need for experienced guidance. They required immediate support not only to close existing control deficiencies, but also to train internal teams on how to execute and sustain ongoing SOX compliance responsibilities—spanning both operational and IT functions.

Solution

SolomonEdwards was engaged to stabilize the compliance effort and bring structure to a fragmented internal control environment. Working within the framework prescribed by the company’s external auditor, we deployed a cross-functional team to execute key deliverables and lead remediation efforts across critical areas. These included:

  • Remediation of all previously identified SOX control gaps and deficiencies
  • Updates to control documentation across operational and IT processes, reflecting changes in process ownership and procedures
  • Execution of self-assessments to test the operating effectiveness of controls, with clear reporting to management
  • Finalization of a segregation of duties framework to address risks in access and role design

Beyond the SOX-specific efforts, we also provided project management support for broader finance and operational initiatives. This included leading the implementation of an accounts payable system, managing the reengineering of a loss mitigation process, and supporting year-end financial statement disclosures.

To support IT compliance, we also supplied an experienced IT auditor who successfully completed IT General Controls (ITGC) testing, remediated findings, and ensured that all components of the SOX testing process were properly executed and aligned with audit expectations.

Outcome

With our rapid deployment and integrated approach, the client regained control of its compliance timeline and met key SOX milestones despite earlier setbacks. The remediation and documentation enhancements brought clarity and sustainability to their internal control environment, while the addition of strategic project management support allowed the client to simultaneously advance other critical initiatives. The engagement not only resolved immediate compliance issues but also built the foundation for a more disciplined and resilient audit and risk management process.

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Deployment

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