Quality/Regulatory Support – Case 3
Industry: Utilities
The Need
A major utility company needed to be in compliance with Section 404 of the Sarbanes-Oxley (SOX) Act, which requires companies to establish and maintain an adequate internal control structure for financial operations.
Solution
Dashe & Thomson conducted cross-functional work groups to identify risks and control points and document business processes for the utility company’s plant operations. We developed testing methods and conducted testing on the effectiveness of internal controls within the processes. We trained company resources to do continued testing, gap analyses, and remediation for 20 plant facilities, and conducted quarterly internal audits.
Results
Because Dashe & Thomson documented how the controls were assessed and what, if any, policies and procedures would use to remedy any control deficiencies, the company was able to prove that effective internal controls existed within the company’s business processes. Our work with company resources to correct, document, and implement deficient controls was evidence for the SOX auditor that the controls and remedies worked as intended.