Hello,Question for the group, when does your external auditors come in to perform SOX testing? We are a large non-accelerated filer. Also, does your company experience double walkthroughs - one with your SOX department and then again with the external auditors?
Hi Rena,My current company is an accelerated filer, but still under the protection of Emerging Growth Company - so we are not technically SOX until 1/1/2024. Our external auditors review interim work in September/October to do walkthrough discussions for any changes and get a feel for any early issues and then in January/February to do their substantive testing. Historically we have done double walkthroughs but that is changing. I am doing walkthroughs in May, and documenting a test of one for every control within our Workiva tool. Our external auditors can review and if they need more information we will have focused conversations with business owners - but not a full walkthrough cycle.My last company is a large accelerated filer. We had external audit doing walkthroughs in July jointly with internal audit, and initial SOX control testing in August. Then they did substantive testing in January. They relied on very little testing by our IA group. I hope that is helpful.
Thanks Amanda! This helps. Currently Internal Audit performs our testing and I am responsible for everything else. I will continue to work on having our external auditors perform joint walkthroughs.My last company is a large accelerated filer and external audit did joint walkthroughs with the SOX team. I think this way is much more effective and efficient.
2900 University BlvdAmes, IA 50010