Case Studies
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Internal Controls Review and SOX Compliance – Post-Fraud
Background: In the aftermath of a material accounting fraud, this CTS Impact client was required to restate several years of financial data. In conjunction with this effort, an extensive review of its internal controls was required, including remediation of material weaknesses in its controls over financial reporting at both the field operations and at the corporate level.
SOX 404 Compliance – Financial and IT Systems
Background: In order to manage a global Sarbanes-Oxley 404 corporate compliance program, business tools needed to be developed and maintained to analyze and track progress, manage resource utilization and control costs. The diverse program encompassed a team of 30 professionals across numerous legal entities in over 50 countries. Due to the varying levels of detail to meet the information requirements of the constituents (e.g. field operations, Steering Committee, Audit Committee), status reporting presented some unique challenges.
SAS 70 & SOC 1 Reporting Readiness
Background: In preparation for its SOC 1 review, this CTS Impact client needed to develop its approach and prepare for its subsequent review.
IT Governance Policy Development and Compliance
Background: With over 850 business units globally, this de-centralized IT function needed to establish formal IT governance standards and guidelines as part of its Enterprise Risk Management program.
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
Internal Audit – Operational, Financial and IT Systems
Background: As part of its annual operational audits of this CTS Impact client’s 850 manufacturing facilities, field audits were performed globally on a rotational basis, driven by an annual risk assessment.
Project Management – Global SOX 404 Compliance
Background: As a result of a spin-off and subsequent IPO, this CTS client needed to demonstrate compliance with SOX 404 requirements. Previously, this company was an operating subsidiary of another larger firm, and did not have in-house expertise. Moreover, little formal documentation existed to substantiate its internal controls in place.
Forensic IT Analysis
Background: In the wake of several financial reporting errors and inconsistencies, this CTS Impact client needed to investigate the root cause of these issues on a confidential basis. Once identified, new standard operating procedures were needed to enhance the internal controls to prevent re-occurrence.
Forensic Accounting and Litigation Support
Background: As a result of deteriorating financial returns from one of its joint venture investments, this CTS Impact client needed to scrutinize the operations of its partner at a more detailed level.
Disaster Recovery and Business Continuity Planning
Background: Although certain business practices were in place, this CTS Impact client lacked a formal disaster recovery program to manage its enterprise-wide risk. Once designed, the operational effectiveness of the controls needed to be evaluated.