Sarbanes-Oxley (SOX) regulation mandates that accurate financial data and internal controls are in place that impact financial reporting. Oftentimes, functions become stale, simply focused on how to execute the SOX program cheaper. COVID-19 has presented the opportunity to raise that bar so that SOX functions may provide critical guidance on practical ways to modify control procedures in response to fluid business situations.
KPMG Partner, Susan King, has studied and gained perspective on SOX compliance since the regulation was first enacted in 2002. She shares best-practice examples of the many ways that SOX functions can add value and mitigate risk in response to COVID-19 and in other times of disruption.
Topics addressed include:
- how to be proactive in identifying specific risks that controls are intended to mitigate in order to help lead the re-design of those controls to better serve the organization
- five SOX-compliance categories to think through when considering potential control and process modifications
- ways in which new technology and tools can help streamline and reduce the cost of delivering a SOX program
- three specific impacts of adjusting controls that need to be considered in the short-term
- how the SOX function can undergo a make-over, from being the “department of ‘No you can’t’” to one of value-add, helping organizations become more agile, and yet better protected, in an unsure environment.