In today’s rapidly changing legal and regulatory environment, it is essential that companies not only understand the key regulations that affect their particular business, but they must also become adept in predicting the development of laws, regulations and standards, and be able to anticipate the potential impact they will have on the business. In addition to the audit and reporting compliance issues faced by all commercial enterprises, internal control risks exist—in unique combinations—in virtually every business situation. Sarbanes-Oxley (SARBOX), for example, has transformed accounting practices of 85% of American businesses, but the regulations must also be understood, and followed, by all Europeans companies listed in the US as well. In fact, many companies face an immediate—and in some cases, grave—compliance concern related to SARBOX rule 404, which requires management to assess the effectiveness of the company’s internal controls over financial reporting and include its findings in the company’s annual report to shareholders. Plus, if you operate internationally you have a whole host of issues to deal with: learning and keeping up with the local business rules and regulations; navigating the complexities of market regulation and investor protections, capital market openness, and transaction costs; and broader financial factors such as transparency, political stability, and labor practices and standards. All in all, a formidable list of concerns.
If this is your situation:
- You have to manage your compliance requirements across industries and international borders.
- You need a more effective way of mitigating the business risks inherent in your business.
- You must find a way of reducing the number of compliance and reporting failures.
- You want to develop a sustainable process for Sarbanes 404 reporting.
- You would like to eliminate your current silo approaches to compliance reporting.
- You must find a way of aligning your compliance initiatives to your business objectives.
- You need a way to embed effective compliance processes into your business processes.
- You would like to find a better way to leverage your technology.
- You require a reliable system to execute compliance assessments.
What PwC can do for you.
At PricewaterhouseCoopers (PwC) we can offer you a complete range of compliance services—deployed globally, delivered locally throughout the world, and closely integrated with industry-specialised resources. We can also provide innovative, high-quality, and cost-effective services related to organisations’ financial control and regulatory reporting. Our professionals have worked in every country and industry with long experience evaluating current risk programs, identifying weaknesses, and designing improvements that work. We can help you to redefine risk parameters, create and deploy effective compliance programs, and ensure that your business are aligned with an integrated governance system designed for your companies unique needs. Plus, we can provide a range of services to help you achieve compliance with 404 and all other Sarbanes-Oxley hurdles. At PwC we can put the knowledge and proficiency of our widely-experienced professionals at your disposal in virtually every industry and business discipline.
