Region: Philadelphia
Industry: Pharmaceutical,Life Sciences
Service Line(s): Risk Management Services
Identified controls and wrote test plans as part of the Sarbanes-Oxley compliance effort which was rolled out to 200+ operating companies; wrote accounting policies and procedures.
Company Background:
McNeil Consumer & Specialty Pharmaceuticals, a division of Johnson & Johnson, markets over-the-counter and prescription pharmaceuticals including complete lines of TYLENOL® and MOTRIN® IB products for adults and children.
Business Challenge:
McNeil established an initiative to fully comply with the new SOX section 404 regulation and began this effort on its own. But they quickly realized they didn’t have sufficient resources or expertise in specific areas to successfully become compliant by their target date. The company needed guidance and additional resources in order to adequately fulfill its SOX initiative within the established timeframe. Management needed to select a control framework, analyze processes to determine the most likely risk areas, review existing documentation, identify and document key controls, and develop a test plan and test scripts.
AC Lordi Consulting Solution:
By helping to identify controls and write test plans for those controls, AC Lordi provided the guidance and methodology McNeil needed for a successful Sarbanes-Oxley compliance initiative. We also developed a status tracking tool for progress reports and wrote fixed asset policies and procedures.
Value Delivered:
McNeil’s original approach was to test all controls. However, by using AC Lordi’s proven methodology to identify and test only key controls, the company was able to save a great deal of time and effort. With our guidance they successfully applied this strategy to the 3 main companies located in Fort Washington, PA and then were able to roll it out to their 200+ other operating companies around the world.