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