SOX and internal control over financial reporting services

Risk management and internal controls provide tremendous value to private organizations. This value isn’t only for companies getting ready for a public listing; it’s also for companies that want complete, accurate, and transparent financial and operational information available for decision-making and reporting. Additionally, private companies may be able to improve efficiency or the speed of close, to both allow resources to have more time for strategic business needs, and to allow decision makers to get financial information more timely. Our tailored, risk-based approach to controls is practicable in the design and application of the framework for private companies, establishing and/or enhancing their internal control environment to increase the reliability of information from across the organization as its used in the preparation and analysis of the company's financial results and other relevant decision-making activities. Your internal control framework doesn’t need to be overengineered or overly complicated. Instead, it should be designed to be scalable and flexible so it can adapt to changes within and around your company.

Preparing for SOX compliance—whether you’re pre-IPO, newly public, or part of an acquisition—can be challenging. Our risk-based approach enables the establishment of an internal control framework that is practical, scalable, and aligned with regulatory standards. With the power of GenAI, we can aid in simplifying the readiness process, automating workflows, streamlining analyses, and providing real-time insights to potentially reduce manual efforts and increase accuracy.

Our Governance, Risk, and Compliance (GRC) professionals can use next-generation technologies, like GenAI, to assess your current processes and controls, identify gaps faster, and recommend enhancements that support a sustainable, long-term compliance program. GenAI also allows us to automate research and verification, which may improve adaptation rates of regulatory changes with minimal disruption.

By companies employing innovative technologies and engaging our experienced professionals, their SOX readiness can be better equipped to:

• Plan for change.
• Create synergies.
• Reduce disruptions.
• Provide transparent insight to those charged with governance.
• Enhance communication and collaboration.

• Addressing talent shortages
• Meeting SOX compliance demands
• Gaining actionable insights through technology

Each organization’s control environment has unique considerations and challenges. Determining that you have resources with sufficient skillsets at the right time can keep your control environment operating effectively and allow for the opportunity to improve your internal control compliance program. Deloitte can help you achieve your ongoing SOX compliance with our cosource services. Deloitte supplements your team with experienced professionals with deep subject matter knowledge, insights, and leading practices, while providing testing support for management’s assessment of internal controls over financial reporting. Our cosource service is scalable and flexible allowing you to decide the level of involvement from ad hoc to more recurring assistance.

By harnessing cutting-edge technologies such as GenAI, we can bring the benefits of automation, real-time insights, and advanced data analysis to your SOX modernization efforts, transforming compliance from a checklist exercise into a strategic asset.

Organizations may enter transactions or events that can be strategically positive but can also be disruptive for their business. These transactions may be infrequent but can be complicated and have their own unique internal control considerations. As you enter these transactions, Deloitte can take a fresh look at your control environment and assist you with streamlining processes and controls and identifying opportunities for effectiveness. Some examples of complex and infrequent transactions where we can assist include post-merger integration of internal control frameworks, adoption of new accounting standards, and evaluation of complex contracts or significant non-recurrent transactions.

SOXWise is a modernized approach to SOX compliance serving clients in a differentiated outsourcing model. SOXWise allows clients to standardize and help maximize the efficiency of their SOX programs through leverage of our operating platform and delivery model. The SOXWise solution helps to provide effectiveness and operational efficiency in your SOX compliance program while supporting the needs of management, auditors, and regulators. We provide the full suite of services including risk assessment testing of design; implementation and operating effectiveness; and monitoring, remediation, and reporting. Our scalable solution uses data-driven technology and analytics to standardize documentation, workflow, and reporting to create a more effective and efficient outcome while driving compliance outcomes.