SOX 404 Tax Risk Management

For many companies, Sarbanes-Oxley Section 404 (SOX) compliance presented a challenge in terms of internal resources and skill sets. Many companies underestimated the level of tax knowledge needed to sufficiently address and comply with SOX and faced significant challenges in terms of resources and technical skills.

One of the most prevalent problems of companies after SOX year-one was the inability to obtain "usable data" for tax reporting. With heightened focus on tax reporting and controls, corporate tax departments must be able to collect, analyze and manage high-quality tax data in short order. Inaccurate and/or untimely data may lead to a variety of unsatisfactory results: poor tax planning, inaccurate financial reporting, flawed tax compliance, possible SOX control weaknesses or even financial restatement.

Jefferson Wells has helped hundreds of companies design, assess, document, test and report on the adequacy of internal controls over tax processes. We continue to help these companies with SOX compliance efforts, including remediation efforts, identifying process-improvement opportunities and monitoring processes on an ongoing basis.

You have enough to do. We'll handle your SOX compliance.