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Elevate your SOX compliance: Simpler, speedier, and cost effective

Are your auditors chasing you for correct information and reports?

Or perhaps you are looking for a way to reduce costs and take the complexity out of the very process heavy SOX compliance.

Whatever it may be, it does not need to be complicated.

Optimizing SOX compliance with Impero has become simpler. With the Impero platform everything is documented for your audit trail to your event log, and you have full transparency of everything that is happening in the system.

Work with confidence without much training and submit your controls within minutes.

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SOX compliance at a glance

Whether you’re a one-person compliance team looking to get started with SOX compliance reporting or someone interested in optimizing your SOX compliance process Impero can help you. Explore the sections below to find the information you need.

What is SOX compliance

Sox Compliance today?

Sox compliance is used to safeguard the integrity of financial reporting by publicly traded companies, ensuring transparency and accuracy in corporate disclosures.

 All publicly traded companies in the United States including foreign companies traded or do business in the US must report. With many companies in Europe doing business in/with the US Sox compliance becomes very relevant.

The core areas of SOX compliance are:

Corporate responsibility: Certify the accuracy and completeness of financial reports.

Internal controls: Auditors must be able to report on companies’ internal controls.

Disclosure Controls and Procedures: Reports must be recorded, processed, summarized, and reported within timeframes.

SOX requirements and challenges in detail

Requirements from the legislation

Companies face several risks pertaining to SOX requirements. High compliance costs and complex requirement can lead to financial strains and potential mis-implementation. Failure to report can not only be costly for companies, but also damage your reputation. 

Key Sections:

302: Corporate Responsibility for Financial Reports: the CEO and CFO of publicly traded companies are directly responsible for the accuracy and proper documentation of all financial reports submitted to the SEC.  

404: Management Assessment of Internal Controls: Annual financial reports include an Internal Control Report. This report should state that management is responsible for maintaining effective internal controls and evaluating their effectiveness. Independent auditor must confirm that these controls are properly established.

Section 802: Criminal Penalties for Altering Documents: Companies face multifaceted risks derived from SOX requirements. High compliance costs and complex requirements can lead to financial strain and potential mis-implementation. Non-compliance can result in legal penalties but also significantly harm a company’s reputation.  

Challenges for organizations: 

  • High administrative and audit costs: Internal controls cause significant expenses including administrative capacities and auditing fees.

     

  • Streamlining end-to-end process involving multiple stakeholders: Based on the established internal controls, the signing officers must evaluate their effectiveness using a standard framework to certify whether an effective control environment exists.

     

  • Employee engagement across entities: Performing internal controls demands considerable time and effort from colleagues in various departments who would like to prevent diverting attention from their key business areas. Aligning SOX compliance with international financial standards as well as enforcing processes across regions.

SOX compliance key benefits

Enhanced Financial Integrity and Accuracy

Improved accuracy of financial statements through internal controls, minimizing errors, and fraudulent reporting. Reliable disclosures increases investor trust, enabling them to make informed decisions based on financial data and boosting trust.

Strengthened Internal Controls

With robust internal controls in place it is simple to identify and mitigate risks, enhancing organization’s overall risk management framework.

Regulatory Compliance and Legal Protection

Avoid fines and penalties by meeting regulatory standards and protect your organization form legal action.

Enhanced Operational Efficiency and Consistency

Consistent procedures across departments and locations leads to reliable financial reporting improving decision making.

Competitive Advantage in the Market

Showcasing good governance attracts investors and stakeholders, improving access to capital markets and lowering the cost of capital due to increased investor trust and lower risk profile.

Readiness for Regular Audits

Detailed audit trails ensures organizations they are ready for regular audits. This facilitates smoother, more efficient audits. 

SOX compliance in Impero

Addressing the main challenges

High administrative costs 

With Impero’s key feature you can significantly reduce manual processes and reporting efforts:

  • Automate task dispatch by email notifications to the responsible
  • Scheduled reminders in the event of non-execution
  • Structured compilation of results and documentation in one place
  • Efficient import function enabling compliance within a few weeks
Impero product screenshot of an email notification of a control
Impero product screenshot on how to set up reminders to perform controls
Impero product screenshot reporting on control activity

Streamlining end-to-end processes involving multiple stakeholders

Impero enables a quality-assured and differentiated design of the entire process from control performance to its review and approval, based on:

  • Creating specific tasks to accurately operationalize control and review criteria
  • Obliging performers & reviewers to judge and comment based on a standard framework
  • Implementing multi-step processes based on the logic of triggering the next action after the prior is completed
  • Setting clear responsibilities for individuals, teams, or departments differentiating performance and information duties
Impero product screenshot showing how to create a control in Impero
Impero product screenshot on how to assign controls and the review timeline

With standardized procedures effectively implemented across the organization, you will benefit from improved control and review quality, and a more systematic and meticulous detection of weaknesses. 

With  a potential of further automating the cycle, reducing stand-alone tasks, and therefore streamlining collaboration and reducing friction costs.

Employee Engagement across entities

How Impero contributes to the Simplified way: 

  • Confidence among performers using Impero without training and submitting controls within minutes – according to Impero customers
  • Fit to set up and manage controls within one hour
  • Strengthened acceptance level and smooth incorporation into daily routines
  • Facilitated implementation in participating entities by means of scalable copy function and end-user-friendly modification
  • Positive associations with compliance tasks through a perceived ease of use
Impero product screenshot showing the dashboard in Impero

Ready for simpler and speedier SOX compliance?

Fill out your details below and we’ll get in touch to hear more about your business, your compliance challenges and how you want to optimize your company’s processes and performance with Impero.