SOX Compliance & Remediation Implemented at Biopharma Company
OVERVIEW
A clinical-stage biopharmaceutical company focused on the respiratory sector became a publicly held company through a reverse merger.
APPROACH
To ensure effective and efficient SOX compliance, Bridgepoint partnered alongside the client’s management team with the following process:
- Conducted walkthroughs to identify processes and gaps
- Performed and documented SOX scoping and risk assessment
- Documented SOX process narratives
- Established internal business controls and ITGCs
- Provided guidance with control implementation and policies
- Established Entity Level Controls mapped to the COSO framework
- Assessed design and operating effectiveness of key controls
- Identified emerging risks and controls for new ERP system
- Evaluated ERP system implementation and data conversion
- Communicated results to management and Audit Committee
RESULTS
Bridgepoint successfully implemented a SOX compliance program with reduced overall financial reporting risks. Internal controls were implemented and operating effectively upon project completion. Bridgepoint collaborated with external auditors to achieve efficiencies and confirmed there were no significant deficiencies identified by management and auditors upon completion.
Before Bridgepoint:
- A mix of various solutions to manage the business
- Major complexities managing numerous, disparate customer touch-points
- Significant errors and manual efforts to keep the business functional
After Bridgepoint:
- More efficient business operations and improved reporting
- Consolidation of all major business processes within or through NetSuite
- Single source of truth for order management, manufacturing, accounting, item catalog and planning purposes
- Extension of the platform and greater functionality through NetSuite’s partner solutions
