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SARBANES-OXLEY ACT COMPLIANCE
ENGAGEMENT SUMMARY

Client:
Investment bank division of major financial services company

Engagement:
Our assignment was to assist the client in complying with the requirements of the Sarbanes-Oxley Act (the Public Company Accounting Reform and Investor Protection Act).
Business areas included the fixed income accounting and securities middle office departments.

Deliverable:
We tested the client’s processing systems to ensure adequate reporting. This included identifying procedures, sample transactions, specific systems and expected test results. We coordinated our efforts as required with department line and senior management.
Our initial contract was extended to lead the development of process flows, detailed descriptions of major control points, reconciliation processes, key systems and level of documentation. We identified gaps and deficiencies and developed an automated reporting protocol to track the activities, resulting in resolutions for action.

Result:
Testing of fixed income accounting and middle office transaction processing was completed earlier than projected. This allowed remediation to address processing and reporting deficiencies, thus ensuring that the fixed income accounting and middle office were compliant with the requirements of the Sarbanes-Oxley Act.

 

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