SOX Program Redesign & Testing

VIP SOLUTIONS CASE STUDY

BACKGROUND

The Director of Internal Audit at a midstream oil & gas company wanted to enhance the design and operation of the SOX program in order to increase reliance by the external auditor while reducing their 3rd party co-sourced costs.

OBJECTIVES

VIP Solutions Case Study

Enhance SOX program in order to comply with current focus areas of the PCAOB.

VIP Solutions Case Study

Align enhancements with external auditor expectations to increase reliance and reduce external audit costs.

1

Reduce co-sourcing costs.

SOLUTIONS

4

Conducted initial SOX program assessment and determined opportunities for improvement.

VIP Solutions Case Study

Developed program tools to address new focus areas of the PCAOB.

2

Collaborate with the external auditor to align and maximize reliance.

3

Execute documentation updates, key control assessments, walkthroughs and effectiveness testing for business process controls and ITGCs.

Reduced co-sourcing costs by approximately 45%
and increased reliance of control testing by the external auditor that resulted in
an incremental cost savings of 20%.