SOX Compliance and Its Importance in Blockchain & Fintech
Last Updated on October 8, 2025 by Narendra Sahoo In
SOX compliance is essential for any organization that relies on accurate financial reporting and strong internal controls. Our SOX compliance audit and internal controls consulting services help you identify weaknesses before auditors do, ensuring a smooth and confident audit cycle.
We evaluate your control environment across finance, operations, and ITGC to detect gaps that could expose your organization to audit findings or regulatory scrutiny. Our approach focuses on practical, business-aligned improvements that strengthen the foundation of your financial reporting.
Our experienced consultants guide you through the complexities of SOX Section 302 and 404 requirements, providing clarity on design effectiveness, operating effectiveness, and documentation expectations. You get a structured roadmap that prepares your team for external auditor review.
Whether you are undergoing SOX for the first time or addressing recurring audit challenges, we help streamline your processes and reduce audit fatigue. Our team works closely with stakeholders to establish clear ownership and implement sustainable controls.
Strengthen your SOX readiness, reduce audit risk, and enhance trust with investors and regulators. Partner with experts who understand the realities of financial control assurance and can support you through every stage of your SOX compliance journey.
Identify your critical information assets and accordingly classify them for creating a separate asset inventory.
Conduct a comprehensive Risk Assessment to identify weak areas and loopholes that could impact the business-critical assets of your organization.
Our experts rank the risks identified and accordingly help you strategize appropriate Risk Treatment measures.
Create the policy and procedure document set with inputs and validation acquired from your team.
Our process and tech team will work in collaboration with your team to help you at every stage of the compliance process.
User Training program for all personnel covered in scope on their specific responsibilities. We will provide your team with all the training documents.
After a reasonable gestation period, a separate team of experts conducts a Pre-assessment of your setup and measures implemented.
Once all controls are confirmed to be in place, we will audit your processes to confirm adherence to the SOX requirements.
If required we can extend our continual support by offering you Managed Compliance Services to help your organization stay certified.
Understand your business operations, controls, and systems to define the scope that applies to your organization.
Assess your organization vis-à-vis the SOX standard to identify areas that need to be addressed.
Conduct a brief Awareness Training program on SOX for your organization.
Sarbanes-Oxley, commonly referred to as SOX compliance or Sarbox, is an annual assessment that determines the effectiveness of an organization’s internal financial auditing controls. It is not just a legal obligation but also a good business practice expected of all US public companies.
SOX compliance mandates companies undergo annual audits and ensure that the reports are available to all stakeholders. Companies hire independent auditors different from the internal auditors to prevent a conflict of interest for the SOX audits.
SOX Compliance applies to all publicly traded companies in the United States as well as wholly-owned subsidiaries and foreign companies that are publicly traded and do business in the United States. SOX also regulates accounting firms that audit companies that must comply with SOX. Further, it is important to note that although SOX does not apply to private companies but if the private companies plan an Initial Public Offering (IPO) should also prepare to comply with SOX before they go public.
SOX Audit costs for an average-sized company start at $15,000. The pricing depends on factors such as the scope of the audit, business applications, technology platforms, number of locations, and other related factors.
Corporate officers who fail to comply or submit inaccurate certifications may face fines of up to $1 million and 10 years in prison. If done willfully, penalties can increase to $5 million and 20 years in prison.
Companies should review their Cloud Risk Assessments and Cloud Risk Management practices every 3 years or whenever there are significant changes to security controls, workplace, policies, or processes.
On average, it takes 3-4 weeks to complete a SOX Audit including reporting. However, the actual timeline depends on the time required for implementing remediation identified during the gap analysis.
SOX Compliance is mandatory for all publicly traded companies in the US. While private companies are not required to comply, those planning to go public via an IPO must prepare for SOX compliance.
Last Updated on October 8, 2025 by Narendra Sahoo In
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