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Information is the lifeblood of any organization—from financial data to regulatory compliance. The IT systems, processes and procedures your organization has in place directly impacts your ability to make sound business decisions. Moreover, changing regulations require stricter and/ or more comprehensive internal controls. Consequently, the integrity of the information you rely on and provide to others takes on greater importance. The consequences of inaccurate, misleading or even incomplete information can result in harmful disclosures or legal exposure.
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Whether you are a private equity firm, hedge fund or a Fortune 500 company, Rothstein Kass’ Corporate Advisory Services Group understands the issues you face in today’s increasingly complex operating environment. We work closely with executive management, boards of directors and audit committee members to help identify and address these legal, regulatory, and economic risks.
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| How We Can Help: |
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Our service offerings are exceedingly comprehensive, from corporate governance and consulting to compliance reviews. For example, if you are considering a merger or other transaction and require due diligence on IT systems or controls or if you require an evaluation of your ERM functions and processes, we can help. Our professionals have an in-depth and broad range of industry, regulatory and technology expertise and can provide recommendations that can help improve your organization’s performance and meet your strategic objectives.
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Some of our Services include:
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Additional services include risk assessments, internal control assessment, anti-fraud programs and controls, enterprise risk management consulting, forensic Investigation services, process Improvement and re-engineering, XBRL/IFRS consulting and outsourcing/co-sourcing of internal audit or internal control functions.
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For those companies doing business abroad, we can access global resources in a variety of disciplines from tax to regulatory reporting expertise. Our membership in AGN International allows us to offer you exceptional professional services worldwide. Our commitment to client service ensures that you receive the highest level of attention and responsiveness.
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The complexities of doing business today have never been fraught with more economic uncertainty or operational and regulatory risk. The wrong information at the wrong time can result in financial and reputational disaster. Let us work with you to identify and manage those risks and ensure your company’s success now and in the future.
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| Compliance Consulting Review |
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Complying with government regulations is no longer just a legal matter, but a critical business function. Organizations have a responsibility to develop, monitor and review compliance policies, procedures and control activities, and to respond swiftly with corrective actions as well as continuous reviews to ensure compliance effectiveness throughout the organization.
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As a leader in the financial services industry, Rothstein Kass stays apprised of the current regulatory requirements and industry trends. As a result, we have developed a comprehensive compliance assistance program to support the Chief Compliance Officer (CCO) and senior management in adhering to the new requirements under the Investment Adviser Act and the Investment Company Act. Due to the global recession, we anticipate more regulatory changes on the horizon and will continue to work closely with clients to identify and correct those areas of greatest compliance risk.
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| How We Can Help: |
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| We can provide the experience and guidance you need to enhance your in-house |
| compliance program through a wide range of services. These include: |
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Assistance in developing sustainable operations and compliance policies and procedures |
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Evaluation of existing policies and procedures to identify weaknesses and recommend enhancements |
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A formalized review of the effectiveness of compliance policies and procedures including testing of controls over compliance functions |
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Assisting CCO’s in their annual review and report to the Board of Directors |
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Specific reviews of regulatory hot topics such as anti-money laundering policies and soft dollar arrangements |
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Continued, interim monitoring of compliance programs |
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| Additional services include Risk Assessments, Internal Control Assessment, and Process Improvement and Re-engineering. |
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| Our people continue to develop their experience and skills, providing clients with industry best practices, and developing cost effective and efficient methods. |
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| Internal Audit Services |
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Developing and maintaining a high-performance internal audit function is a challenge for many organizations. The added burden of an economic recession places cost reduction center stage as companies strive to improve performance and implement efficiencies. Other factors which impede the successful development of internal audit functions include increased regulatory focus, new technologies, and mergers, acquisitions and spin-offs.
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As a result, an increasing number of companies are recognizing the benefits of finding a strategic partner to support an existing internal audit team or to provide a fully outsourced solution. Rothstein Kass’ Corporate Advisory Services Group can customize solutions to meet your needs and can perform the entire internal audit function or work in conjunction with your internal audit team. We offer solutions to enhance your operational efficiency and manage the risks inherent in your business. We deliver practical and affordable results suited to your needs.
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| How We Can Help: |
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| Our goal is to provide exceptional client service by adding value to the internal audit process. We have an experienced team of professionals who can complement the in-house financial and operational skills of your internal audit department. In addition, we provide Information Technology Audit services to help you secure and manage your most sensitive financial data. |
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| Our Internal Audit services include: |
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Internal audit outsourcing and co-sourcing |
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Internal audit risk assessments – entity wide |
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Operational reviews |
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Regulatory Compliance reviews |
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Sarbanes-Oxley Section 404 compliance testing |
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Information security reviews |
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Information systems network controls review |
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| Sarbanes Oxley Readiness & Compliance |
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The Sarbanes-Oxley Act of 2002 (SOX) has created substantial compliance requirements for the public company sector. Requirements include establishing, maintaining and annually assessing internal controls over financial reporting. Transparency is crucial since senior management must determine the effectiveness of the company's internal controls and communicate its findings in the annual report to shareholders.
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Rothstein Kass provides a range of services to keep your organization compliant and your internal controls performing according to best practices. Utilizing industry knowledge, financial experience and technical skill, we partner with management, the audit committee and the external auditors to customize a program unique to your company. Our programs ensure that your organization will not only achieve compliance but also derive the most value from your internal controls processes.
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| How We Can Help: |
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| We use a top-down, risk-based approach fine tuned to your organization's size, complexity and risk appetite. |
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| Our methodology includes a five step process: |
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Planning & Project Scope |
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Documentation |
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Testing |
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Evaluation |
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Reporting |
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| Sarbanes-Oxley services include: |
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Comprehensive risk assessment |
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End to end project management |
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Training and education |
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Documentation of procedures and controls – narratives, flow charts, etc. |
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Identifying and evaluating / testing controls that meet financial statement assertions |
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Tracking remediation of gaps and deficiencies |
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Implementing a sustainable compliance process |
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| An Internet-based solution offering customization, flexibility and powerful analytics for compliance with Sarbanes-Oxley |
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| SAS 70 Reports on Internal Controls |
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While outsourcing is a more acceptable in today’s control conscious environment, service organizations must still demonstrate adequate controls and safeguards when processing or hosting client data. Service organizations that provide a significant level of services to public companies impacted by the Sarbanes-Oxley Act of 2002 should consider a SAS 70 Report. SAS 70 is the authoritative guidance which defines uniform standards of an examination to assess the internal controls of a service provider.
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Service organizations include, but are not limited to, insurance and claims processors, trust departments that invest assets for employee benefit plans, payroll processors, application service providers, managed security providers and data processing organizations.
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| How We Can Help: |
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| A formal report is issued including the auditor’s opinion (Service Auditor’s Report) at the conclusion of the examination. There are two types of Service Auditor’s Reports, Type I and Type II. A Type I report describes the service organization’s controls in place as of a specific point in time. A Type II report includes the content of a Type I as well as detailed testing of operating effectiveness. |
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| Benefits from a SAS 70 Report on Internal Controls include: |
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Client auditors may rely on the Service Auditor’s Report resulting in one annual internal control review vs. multiple audit requests |
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SAS 70 Report may be used as a tool to generate business and differentiate the organization from its competitors |
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Provide confidence in the service organization’s control environment |
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