Region: Philadelphia
Industry: Pharmaceutical
Service Line(s): Risk Management Services
Co-sourced with the accounting department for Sarbanes-Oxley compliance and delivered a clean opinion.
“We originally contacted AC Lordi to review our updated documentation, execute test plans and develop an antifraud program. Their Internal Audit Co-sourcing service was a great option for us since our accounting department wanted to stay involved and continue to own the process. Due to time constraints, the AC Lordi team updated the majority of our documentation and tested the majority of our key controls. They also walked us through re-working our IT Audit documentation and testing. Their efficiency, internal audit knowledge and strong relationships with our accounting department helped the project come in under budget and allowed us to report a clean financial statement opinion and clean SOX opinion for 2006. We will definitely use AC Lordi for future audit and SOX compliance work.”
Debbie Mohollen
Company Background:
ViroPharma is a pharmaceutical company focused on the development and commercialization of important medicines to address serious diseases treated by physician specialists, in areas including hospital settings, transplant medicine and gastroenterology.
Business Challenge:
ViroPharma needed to complete their Sarbanes-Oxley compliance for 2006.
AC Lordi Consulting Solution:
AC Lordi was brought in to co-source the Sarbanes-Oxley compliance work with the company’s accounting department. We were originally supposed to review updated documentation, execute test plans and develop a fraud prevention plan. The team on the engagement actually updated the majority of their documentation and tested the majority of their key controls. In addition, AC Lordi reworked their IT Audit documentation and walked them through the testing process for IT Audit since they hadn’t completed it before.
Value Delivered:
ViroPharma was able to deliver a clean management SOX opinion for 2006 (zero unremediated deficiencies at year end). KPMG reported a clean financial statement opinion and clean SOX opinion for 2006 and Viropharma filed their 10-K. The initial work came in under budget and AC Lordi’s efficiency on the front end allowed them to stay under budget on the back end. Due to time constraints and the stability of the relationship, the Viropharma team needed AC Lordi to test the controls which was something they had planned to do on their end.