Number of people involved in Compliance 67

  • I was trying to get an idea of how many people you think will ultimately be involved in your company between the documentation, testing, and rememediation for SOX. We’re a 400 million dollar company and it looks like we’ll have 50-100. I was just wondering how that compared to other firms out there. Thanks.

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  • Hi Mike,
    I am an Audit Consultant and that number seems to be little on the high side- If I presume that those people on FT basis working on SOX Compliance.
    However this is a highly debateble subject as the final numbers depend on few things such as:

    1. What is the internal control structure/Framework in palce so far?
    2. Your Internal Audit team capabilities
    3. Any pending lawsuits/SEC Audits on the failure of Internal Controls
    4. External Auditors recommendation/lack of confidence on your current IC /Risk Assessment framework
    5. Support and understanding from the Business units
      In my experience, given your company size, there could be a 10 member Internal Audit team ( FOcusing on Risk Assesments, Control Definition/Effectiveness Testing/Documentation)
      It is also essential that you involve your Business Unit heads. As they are the owners of the processes that you are auditing, they should take active part on Control Design Documentation /Flow Charting etc.
      When the work is planned, assesed and distributed, you need not source large troops for SOX over extended period of times.
      Let me know if I could be of further help…
      Madhav Vedula

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