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Internal Control Review for SOX Compliance ​

Internal Control Review for SOX Compliance ​

A biopharmaceutical company engaged us to implement their Sarbanes-Oxley 404 compliance program and perform an assessment of their internal controls related to financial reporting.​

Challenge

As a public company, a clinical-stage oncology company was required to maintain a SOX compliance program and engaged SolomonEdwards to implement the program properly.​

Solution

We performed a variety of activities and assessments to evaluate the company’s internal controls over financial reporting, including:​

  • Conducted annual fraud and financial risk assessments​
  • Updated the controls mapping to significant financial statement accounts​
  • Conducted financial statement assertion mapping and materiality calculations​
  • Created a planning memo detailing project methodology, timing and objectives​
  • Performed walkthroughs of significant processes; updated process control narratives and the risk and control matrix ​
  • Performed key control testing for interim and year-end and provided quarterly presentations

Outcome

We provided a final report on the status of the company’s internal controls related to financial reporting. In addition, we identified areas for improvement, specifically for remediating control deficiencies and providing oversight for the overall SOX compliance program going forward. ​

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