Sarbanes-Oxley Compliance
Given the current market situation, and the continuously changing regulatory environment, a company that intends to go or recently went public should consider the latest trends in investors’ attitudes. Apart from business and financial performance, other aspects of Sarbanes-Oxley (SOX) - such as governance, risk and compliance (GRC) approach - endorse the company’s public image and may facilitate the decision-making of potential investors.
The first challenge to overcome when complying with SOX requirements, is the transition from the informal control environment of a private entity to a standardised and well controlled environment. SOX is not just a bureaucratic requirement, but also an important tool for Management to formalise processes and establish adequate mechanisms that will enhance operational efficiency.
PwC assists and supports clients by:
- Delivering customised, interactive training programs and workshops focused on the familiarisation of employees with SOX requirements;
- Delivering Risk Assessment /Scoping exercises;
- Assessing the degree of readiness and the level of maturity of company controls in meeting SOX requirements;
- Documenting key business processes (through narratives / flowcharts / risk matrices), identifying key controls, performing walkthroughs and assessing the design effectiveness of controls, based on PCAOB standards and the COSO framework;
- Testing the operating effectiveness of company controls;
- Evaluating identified deficiencies and providing recommendations for improvement.
Our Experience
Our PwC Shipping team is comprised of a dedicated group of consultants, with a presence of over a decade in the shipping market. We have successfully undertaken a great array of projects for major Greek shipping companies. We have established long-standing business relationships with some of the most important (both in terms of fleet size and DWT capacity) US-listed Greek shipping companies, supporting their management in performing the necessary evaluation of internal controls over financial reporting, in compliance with SOX requirements.
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