Subject Matter
Audit & Assessments, Coaching, mentoring & facilitation, Communication & engagement, Governance & assurance, Project & programme management, Risk management, Information Technology
Management of the Sarbanes Oxley 404 Compliance Program
- Client
- Major Global Oil & Gas Company
- Sector
- Audit & Assessments Coaching, mentoring & facilitation Communication & engagement Governance & assurance Project & programme management Risk management Information Technology
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- Management of the Sarbanes Oxley 404 Compliance Program
Project description
Registered in the USA, our client was required to comply with the disclosure obligations of the Sarbanes Oxley Act (SOX). The legislation obliged it to confidently support an assertion that internal controls over financial reporting are adequate to prevent possible financial misstatement. The reputation and legal implications of not being able to comply in a timely manner are huge.
It was determined that the most efficient means to provide assertion was to run a program which placed reliance upon a self assessment approach using control documentation (a ‘Control Evaluation Template’, or ‘CET’) and testing performed by client staff closest to the process.
The scope of the program was global - and highly complex - as it embraced all areas of the business down to individual process level. Initially, the program consisted of approximately 250 projects, the main objective of each being to deliver completed CETs describing the relevant processes, all risks assessed and prioritised.
Chaucer’s role was to staff and run the Program Management Office (PMO) for the entire program worldwide - focusing on assurance, progress management and providing assistance to the client management team.
Our track record running programs like this was crucial in our appointment.
Chaucer's scope
Program plan development and maintenance – notably in scheduling and managing priorities, detailed monitoring, tracking and full management reporting.
Budgetary control, management and cost tracking.
Support for standardisation and simplification opportunities.
Inter departmental interface documentation & meetings facilitation.
Risk and issue management including workshop development and implementation.
Introduction and maintenance of the program data warehouse.
Communication deliverance incl. Governance meeting facilitation & reporting.
Analysis of the 20-F Mapping to identify the ‘Primary CETs’.
Benefits
Use of Chaucer PMO systems provided our client with assurance of the highest integrity that process and content was being delivered within their organisation with great rigour and in a timely manner.
By means of in depth progress management tools, consultant knowledge and skill sets, Chaucer were able to highlight areas of concern before they became a problem.
Chaucer has a unique flexible method to program management, working closely with the client to develop an approach that works best for them. A step change in program delivered during the program - fully supported, delivered and implemented by Chaucer - provided our client with increased operational efficiency and significant time and money savings.
A high level of trust built with the client allowed for excellent communications and clear deliverables to be cascaded down from the PMO to the whole client organisation.
Furthermore, Chaucer implemented best-practice methodologies and process improvements in areas such as the development and implementation of risk workshops and change management processes. Chaucer’s knowledge of appropriate software applications meant operational efficiency was achieved by converting the basis of the gap tracking process from complex spreadsheets to a centralised SharePoint tool.
