Steps to Developing a SOX Compliance Program

Implementing a SOX compliance program can be a large undertaking, especially in the initial years of being a public company. The following steps are recommendations to create a seamless SOX compliance program for your organization:

1. Start early 
2. Develop a plan 
3. Identify a framework 
4. Conduct a risk assessment 
5. Assess entity-level controls
6. Document significant processes and key controls
7. Assess IT general controls 
8. Identify third-party service providers
9. Test the effectiveness of internal controls
10. Evaluate the significance of identified deficiencies 
11. Communicate results 

Implementing goals and selecting the methodology for developing and accessing controls are key steps in the process. Determining risk, understanding the environment of the organization and depicting significant processes are also crucial, as well as clearly communicating control effectiveness. Once a compliance program is developed and implemented, companies should revisit their plan on an ongoing basis for continual improvement and sustainability.

Learn more about implementing an effective SOX compliance program in your organization by downloading our SOX Insights document.