The goal at Taylor White is to exceed our clients' expectations of service, professionalism, and technical competence. We offer a full range of SARBANES OXLEY SERVICES to support our clients' initiatives. We are an hourly based consulting firm with no minimum contract requirements. This flexible model ensures maximum efficiency and enables our clients to employ our expertise on an as-needed basis throughout the project.
Benefits of Partnering with Taylor White
Experienced Consultants—Greater Efficiency and Depth
Our portfolio of Consultants holds significant subject matter expertise with Sarbanes Oxley compliance. Our portfolio is comprised of local consultants with broad-based experience earned from Sarbanes Oxley consulting, Big-4 audit, internal audit, consulting and senior-level accounting and finance roles within the industry. This unique combination of experience brings greater efficiency and depth, and therefore greater added-value to our clients in the following ways:
Best Practices Methodology
- Our Consultants' experience with prior SOX 404 engagements provides the beneficial knowledge of what to do and what not to do for new clients.
- Extensive practical experience allows our Consultants to quickly establish commonality of goals and rapport with process owners. Working with a Consultant who has been there before creates a smoother process with minimal disruption, resulting in less time and investment required by our clients to accomplish their SOX 404 goals.
- Our Consultants have worked in conjunction with all of the Big-4 audit and major consulting companies during SOX implementation and are well practiced at collaborating with clients' external audit advisors.
- The broad based, hands-on experience our Consultants possess enables them to provide client management with quality 'Best Practice Recommendations' gained from various perspectives.
Our senior-level SOX Consultants have combined their expertise and experiences to develop Taylor White's Methodology. The methodology utilizes a top-down, risk-based approach in keeping with guidance recently released by the SEC and PCAOB. This approach is not new to us, as we have employed it successfully throughout our Sarbanes engagements for both accelerated and non-accelerated filers.
Sarbanes Oxley Implementation—Phase I
Risk Assessment & Entity Level Controls
The initial Risk Assessment and evaluation of Entity Level Controls (ELCs), Phase I, is the most critical aspect of a SOX 404 implementation. The implementation efforts are largely dependent upon the outcome of these exercises. Following the Risk Assessment, an in-depth analysis of (ELCs) will be performed and the outcome of these activities will be a comprehensive Project Plan to serve as a blueprint for the implementation.
The focus of the ELC evaluation is to identify the Company's current processes in regards to oversight and corporate governance and adapting those processes to be compliant with the COSO framework. For example, COSO recommends each Company designate a Risk Management committee and develop a framework called Enterprise Risk Management (ERM). While many companies do not have a formal ERM program, most companies conduct management meetings where each operational group reports on the threats and opportunities to their operations. This action can serve as 'Risk Management' if properly documented, so the effort can be reviewed and tested.
Phase I Cost Estimate
The hours required and the related costs of a Sarbanes Oxley implementation vary greatly depending on the size and complexity of an organization. As such, Taylor White cannot provide a detailed cost estimate for Phase I until an in-depth analysis of the organization structure is complete. However, a general cost range for a small, non-complex company is $20,000—$40,000. The deliverables from Phase I include:
- Risk Assessment
- Entity Level Control Assessment
- Detailed Project Plan outlining the time and cost expected to be incurred for the remaining phases of the SOX implementation