Accelerated Filer - SOX 404B

In a global industry puzzled with complexities of the accelerated filer status, A2Q2 comes to the rescue. Simplified innovations to your complex problems are what we offer!

SOX 404B recommended timeline for SPAC 1st time accelerated filer public company

What's the recommended timeline for a company with a Dec 31 year-end that went public through a SPAC (special purpose acquisition company) in January to June and is subject to SOX 404B? Why is it critical to nail quarterly controls? What are the windows of opportunity to implement quarterly controls?Show More
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Going public is a long ride. There are ups and downs, and a lot of complexities. But there’s one thing that’s constant, and that’s “growth”. A journey can’t be a journey if there’s no progress, and it’s the same for your IPO journey.

You go from an emerging growth company to an accelerated filer. Making it to this stage is proof of your growth, but it’s not the end of the journey – there’s still much to do.

An Accelerated filer is a public company with a public float of $75 million to $700 million. So, if you’re in this class of companies, then for you, SOX 404B is a necessity.

The SEC made it compulsory for organizations that qualify to be accelerated filers to obtain auditor attestation over ICFR. It’s a process you MUST comply with, lest you face the consequences.

But we’re here to make sure that doesn’t happen. We will help you simplify the activities required for an accelerated filer and support you through each one of them.

RISK ASSESSMENT

At A2Q2, we assist you in carrying out an adequate and thorough risk assessment.

This, we do by identifying the scope and evidence required in the assessment of internal control, identifying financial statements, determining entry-level controls, and also identifying transaction-level controls.

We also assess the technological components of your company. We do this by checking your specific systems that might be under scrutiny, to help you beef up the controls.

PROJECT MANAGEMENT

We will always stress this – Project management is a vital part of your company’s success, especially after going public.

Project management keeps your team members committed, accountable, responsible, consulted, and informed.

It uses cooperation and teamwork systems to ensure that people from HR, IT, Legal, operations, and finance cooperate and do their part to execute your project successfully.

HIGH-VALUE OWNER TRAINING

We place a lot of emphasis on training, education, and change management. This is because we know that when you’re going public, your first and second years are really critical.

At that point, you’ll be completely swamped, and your team will have its heads down working furiously. Adding to the situation is that many of your team members either have not worked in a public company environment before, or it’s been a while since they’ve worked there, and need a refresher.

That’s why process owner training and education is so unequivocally important. We here at A2Q2 are here to adequately help you with that.

TESTING FOR PROCESS DEFICIENCIES

Ideally, If you meet the threshold to be an accelerated filer, you’ll have to do some  testing. This is because SOX 404B is a necessity for companies in this class.

SOX 404B is where your external auditors have to certify at the end of the year that your controls were designed appropriately, in place, and operating effectively. If you have a series of controls that fail, they can aggregate together to become a material weakness, thereby leading to a failing grade.

But this is completely avoidable, and we’re here to help.

A2Q2 conducts interviews, assesses the current processes and takes critical cognizance of entity-level controls.

Our team of experts also simultaneously assess the gaps and conduct interviews to spot deficiencies in your processes.

DOCUMENTING CONTROLS

Here, we make control recommendations, document those controls, and update your flow charts or your narratives.

At A2Q2, bringing you this commendable sort of professionalism and supporting you is our goal. We will ensure that you scale through the process as easily and as quickly as possible.

Send your inquiry to [email protected]

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