Sarbanes-Oxley 404/Model Audit Rule Implementation/Testing

How are you supporting your investors and shareholders confidence?

Why is this important?

The actions of an unscrupulous few have opened the eyes of investors and federal and insurance regulators to the dangers of financial statement fraud. Sarbanes-Oxley Section 404 (SOX) and the National Association of Insurance Commissions Model Audit Regulation (MAR) have changed the business world by formalizing management's responsibility for, and reporting of, internal controls. This increased accountability requires documentation and testing of the processes and controls that support external financial reporting.

Value to the Client

Compliance with SOX and MAR helps improve internal control productivity, which can help you detect fraudulent financial reporting earlier and minimize the effects. In addition, internal control testing provides your organization with the opportunity to add efficiencies. SOX and MAR increase investor/shareholder confidence by giving them the ability to evaluate Management’s stewardship responsibilities and the reliability of a company’s financial statements. 

Why hire M&A?

We can help you realize your goal of timely and complete compliance. Our Risk Management Services team has the experience and qualifications you need for this critical project. We currently provide internal audit support and SOX Compliance services to Fortune 1000 public companies and large privately held entities. We provide:

1. Project management that allows you to focus on ongoing operations while the SOX/MAR compliance effort is in progress,
2. Access to business and Information Technology control specialists. These are experienced professionals who understand your needs, and the needs of your auditors, and
3. Extensive risk-based internal audit experience that supports process and control improvements beyond financial reporting

"The irony of Sarbanes-Oxley is that what the SEC now demands is what good executives have been asking for all along." Gwen Thomas

M&A currently contracts with the Pennsylvania Insurance Department (PID) to provide financial examination support services.  Provided services include documenting and testing governance, fraud, financial reporting, benefits/losses, actuarial, reinsurance and premium controls to NAIC and COSO standards. 

Contact the M&A Risk Management Services Team at ENissley@macpas.com for more details, and subscribe to The RMC Advisors blog at www.theRMCadvisors.com to receive updates on relevant accounting and audit information!