Compliance Management

compliance

Regulators and enforcement agencies have enhanced their oversight and scrutiny on regulatory compliances.  Instances of non-compliance have often impacted both reputation and market valuation of companies.  Accordingly, the Board and Audit Committees are increasingly viewing compliance management as a top priority/risk. Needless to say, a robust compliance mechanism is mandated by Sarbanes-Oxley Act (SOX), Clause 49 of Listing Agreement and the Companies Act, 2013

TRAECIT can help an organization to manage its statutory compliance obligations.  Our assistance will assist you to create a comprehensive compliance governance structure, automating compliance reporting and embedding compliance management into “business as usual”.  We have brought together our legal, risk, tax and technology competencies to help you effectively respond to your statutory compliance risk.

We can help you to:

  • Compliance Register – Build your compliance register (list of compliance obligations) across all applicable laws – Corporate; Secretarial; Tax; Labour, Industrial and regulatory requirements by RBI, SEBI etc.
  • Define appropriate compliance governance and oversight mechanisms
  • Keep your legal inventory current through updates and alerts
  • Perform compliance reviews across legal areas to identify gaps and suggest measures to improve existing compliance processes

Our SME team comprising of lawyers, company secretaries, and tax advisors have more than decade of experience in preparing compliance checklists, implementing compliance frameworks across different industries and geographies, conducting compliance audits and reviews.

TRAECIT helps our clients with execution and compliance with regulatory requirements such as:

Sarbanes Oxley (SOX) Act Compliance / Clause 49 of Listing agreement

The overall cost of regulatory compliance is rising and Sarbanes-Oxley 302 and 404 programs typically represent a substantial portion of the overall cost of compliance. Many companies still have significant opportunities to reduce SOX / Clause 49 costs while maintaining or improving quality.

If your company is squeezed between SOX / Clause 49 compliance requirements and cost containment pressures, TRAECIT can help.

Using a thorough approach, we can help you upgrade your compliance program while reducing its cost. We have worked with clients to lower their SOX costs by 25% or more.

Many companies have lowered SOX / Clause 49 costs by reducing the number of controls, and moving from manual to automated controls. However, these are only first steps in an overall cost reduction effort.  Many companies struggle to determine how much they should be spending on their SOX / Clause 49 compliance effort.  A typical approach taken by companies is to perform a high level benchmarking exercise. However, we have found that this approach often creates misleading results. Identifying and then realizing optimal savings requires an activity based cost analysis and opportunity assessment of the entire program, focused not only on the nature and quantity of controls, but also on program management, technology deployment,  program structure, and resource models.

TRAECIT has developed a proprietary methodology that highlights program strengths while pinpointing opportunities for improvement, and allows us to build a customized solution for each company. This methodology highlights opportunities to realize major benefits in:

  • Quality – of the overall program and the controls
  • Reliability – of the internal audit work, often increasing external auditors reliance
  • Simplification – through controls elimination or standardization
  • Efficiency – by leveraging technology solutions to facilitate effective program management
  • Talent redeployment – from Sarbanes-Oxley / Clause 49 compliance to more business-critical areas

TRAECIT is ready to help your company improve SOX / Clause 49 compliance and reduce your costs.

SSAE 16 / SAS-70 / ISAE 3402 reviews / Service Auditors report

In today’s global economy, service organizations or service providers must demonstrate that they have adequate internal controls and safeguards when they host or process data belonging to their customers. The requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 audit reports even more important to the process of reporting on the effectiveness of internal control over financial reporting.

SSAE 16 is the authoritative guidance that allows service organizations to disclose their control activities and processes to their customers and their customers’ auditors in a uniform reporting format. The issuance of a service auditor’s report prepared in accordance with SSAE 16 signifies that a service organization has had its control objectives and control activities examined by an independent accounting and auditing firm. This report, which includes the service auditor’s opinion, is issued to the service organization at the conclusion of a SSAE 16 examination.

TRAECIT’s SSAE 16 auditing team members are specialists in providing expert-level guidance for businesses with this need.

Foreign Corrupt Practices Act

The Foreign Corrupt Practices Act (FCPA) has become an enforcement priority for regulators and a major compliance issue for US companies with overseas operations. The Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are stepping up efforts to investigate and prosecute business corruption, significantly raising the reputational and financial risks to companies.

The FCPA prohibits US companies, their subsidiaries, officers, directors or employees from bribing foreign officials, either directly or indirectly through intermediaries, for the purpose of obtaining or retaining business. It also requires companies registered with the SEC to keep accurate records of all business transactions and maintain an effective system of internal accounting controls.

Transaction due diligence:

US companies acquiring foreign operations must conduct FCPA due diligence. We conduct both FCPA risk assessment and investigative procedures to help companies understand the risks and implement corrective actions.

FCPA compliance assessments:

We provide FCPA compliance assessments for companies taking proactive measures to understand their risks and for those contemplating voluntary disclosure or settlement with regulators. We review company operations, consultant and agency relationships, cash transactions, marketing and sales practices and accounting records to identify potential violations and investigate where necessary.

Compliance program advisory:

We help companies develop, assess and improve their FCPA compliance programs and procedures. We review corporate compliance policies and assessment procedures and assist with education, training and internal audit programs