Compliance Solutions

Compliance Solutions

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Sarbanes Oxley Project Services

ECS Consultants LLC specializes in providing resources at various levels to assist management in the Sarbanes Oxley implementation projects from carrying out the risk assessment, scoping to documentation and testing of the controls, as well as assist management in preparing a remediation plan for the identified Gaps to prepare for the annual 404 attestation of management’s certification by the auditors.

Our consultants have solid experience working with companies to help manage compliance and we will also assist you to identify the best solution for your Company that you’ll not only achieve on-time compliance with this government-mandated act, but also be able to derive far-reaching business benefits from our robust solution offering. Our consultant will be helping clients understand Section 404 and assist to document of the internal controls and test the controls’ operational effectiveness cost effectively.

Sarbanes-Oxley Act 404 Compliance Solution

Sarbanes-Oxley Act of 2002 Section 404 (“Act”) represents a major change to the regulatory environment. Objectives of Sarbanes-Oxley include strengthening Independence, Integrity, Accountability, Oversight, Corporate Governance and Transparency while providing greatly enhanced penalties as deterrence.The Act imposes new responsibilities on all corporate participants in financial reporting process and Section 404 implication on management includes:

  • Sole responsibility of the management to be in compliance with Section 404
  • Management has until the effective date to remediate any material weaknesses, after which they will have to be reported in the filing. The US Securities and Exchange Commission final rule pursuant to Section 404 of the Sarbanes Oxley Act sets the effective date for compliance as June 15, 2004 for US companies, with equity of $75million or more and April 15, 2005 for Foreign Private Issuers and US small businesses.
  • Sufficient documentation of internal controls is necessary to support management’s assertions in their annual report and will also be evidence to enable the Company’s auditors to perform its attestation.

 


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