Aviva Spectrum

Under the SOX Act, CEOs, and CFOs who willfully submit an incorrect certification to a SOX compliance audit can face fines of $5 million and up to 20 years in jail!

Even if you have directed several internal audits over the years, there are times when this process is simply too overwhelming for your inundated go-to in-house auditing team. Sometimes you need reinforcements to step in without missing a beat, or perhaps you want to streamline your processes and need the fresh perspective of experienced auditing professionals outside of your organization.

Feel free to reach out and ask any questions you have in mind through ☝️💬 DM or the comments section below!

Information governance is a trending topic in boardrooms across the globe. It’s a complex framework that allows organizations to control, protect, preserve and delete information in accordance with various compliance standards or best practices. It is often referred to as a super-discipline that incorporates record management, information security, eDiscovery, risk management, business intelligence and compliance.🧐💻☝️

To be impactful, compliance programs must be built into the operations of the business rather than functioning as a separate process tacked onto employee workflows and systems. Aviva Spectrum helps compliance and ethics leaders reduce business drag by designing effective programs, assessing performance, and developing the right staff skills and partnerships.

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Enforcing compliance helps your company prevent and detect violations of rules, which protects your organization from fines and lawsuits. The compliance process should be ongoing, starting from the simplest task to the most complex one☝️🧐

At Aviva Spectrum, we help clients streamline their existing functions, reducing overhead, improving controls, and reducing risks.

Our experienced staff has created a custom diagnostic that we provide on a complimentary basis that evaluates existing controls, risks, and usage of best practices. The diagnostic includes a detailed report of our findings.

Aviva Spectrum is experienced on all of the major frameworks such as COBIT, ISO, CMM, Six Sigma and more, and can evaluate your existing program to ensure it is accomplishing its goals.
If your business doesn’t have a GRC program, we can design and implement an optimal program from the ground up. This eliminates any costly missteps and sets the stage for success.

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SOX compliance is observed with an annual audit that examines the company's financial data and its handling practices. The public company being audited must supply proof of all SOX internal controls ensuring data security and accurate financial reporting.

The most important SOX compliance requirements are considered to be 302, 404, 409, 802, and 906. Compliance in these areas is especially important for organizations engaged in data protection.

Regular analysis of the operations of a company and maintaining rigorous internal control systems help in detecting and preventing various kinds of fraud and accounting irregularities, and consequently ensures the business's ethical status and profitability in the long run…
Even if it feels like a lot🤔, it is actually almost not enough🤷‍♂️ compared to its importance and effect on the business! ☝️📈

Automate processes, rationalize, de-key and consolidate controls to simplify your SOX testing to effectively address the most relevant challenges of your audit control environment!

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Our experts will be online in the next 48 hours to answer any inquiry or question you have in mind on the comments or Direct Messages! 📣🗣️

Bring teams and stakeholders together with a collaborative approach from the planning phase to evidence collection, control certification, testing approach, and more.

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SOX applies to:
📈 All publicly-traded companies in the United States as well as wholly-owned subsidiaries and foreign companies that are publicly traded and do business in the United States.

🚀Private companies that are planning an Initial Public Offering (IPO) should prepare to comply with SOX before they go public.

🔢SOX also regulates accounting firms that audit companies that must comply with SOX.

🏛️Private companies, charities, and non-profits are generally not required to comply with all of SOX.

🧐Private organizations shouldn’t knowingly destroy or falsify financial data, and SOX does have language to penalize those companies that do.

Outsourced Auditors have an objective and unbiased approach to your company, and have one thing in mind! To deliver the work with the highest standards and on TIME! ☝️📈⏰

These processes become antiquated, they don’t scale efficiently, and create bottlenecks or even risk!

So, What can you do about it? Make sure to start with a status check with a free consultation session from one of our experts who will help you evaluate your business situation and advise you on the suitable next step!

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What is SOX compliance?
While the details of the Sarbanes-Oxley Act are quite complex, it can be simplified to refer to the annual audit in which a public company is obligated to provide proof of accurate, data-secured financial reporting.

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Your SOX auditor will investigate four internal controls as part of the yearly audit. To be SOX compliant, it is crucial to demonstrate your capability in these controls👇🔍

It’s never a bad idea to make a SOX compliance checklist. Here are some suggestions and compliance best practices👇

In 2002, Congress passed the Sarbanes-Oxley Act, named after its sponsors Senator Paul Sabanes (D-MD) and Representative Michael G. Oxley (R-OOH-4). Instituted “to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws,” the Sarbanes-Oxley Act (commonly referred to as SOX) established a stricter protocol for internal controls that affect financial reporting and security within publicly traded companies.

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For many businesses, certain aspects of work can become too expensive and too complex as well as time-consuming to be done in-house. The perks of partnering with an outsourcing company can be summed up with flexibility, quality, and cutting costs…

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Did you know!?😰🧐☝️

Formal penalties for non-compliance with SOX can include fines, removal from delistings from public stock exchanges, and invalidation of D&O insurance policies. Under the Act, CEOs and CFOs who willfully submit an incorrect certification to a SOX compliance audit can face fines of $5 million and up to 20 years in jail!

Aviva Spectrum i consultants are experienced on all of the major frameworks and can evaluate your existing program to ensure it is accomplishing its goals! Whether you are looking for CFO Flex, Risk Advisory or IT and Operational GRC, we will be able to take your business into the next level!

Feel free to reach out and ask any questions you have in mind through ☝️💬 DM or the comments section below!

Streamline your SOX audit, risk, and compliance programs by engaging stakeholders throughout the business with automated workflows to delegate responsibilities in an easier, faster, and more effective manner!

Get your free Ebook copy with your 1st consultation here: https://zcu.io/ynjz

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