A REIT needed to maintain compliance with SOX. The REIT was looking for an outsourced internal audit function to provide skills and expertise in the areas of financial reporting, compliance, operational, and IT risks. Specifically, the REIT wanted a firm with SOX expertise, a deep real estate background, and experience working with an international external auditor.
Baker Tilly assisted the REIT by providing an internal controls assessment, control documentation, controls testing, and remediation assistance. We continuously helped the REIT improve and refine its internal control environment to help determine whether it efficiently and effectively complied with SOX requirements. The company’s external auditors continuously placed the maximum amount of reliance on our work, reducing the cost of SOX compliance to the REIT. We also executed several annual internal audit projects including information security and compliance, in addition to several operationally focused audits.
The REIT received a highly effective and efficient approach to SOX compliance and a value-added approach to internal audit by not only opining on the control environment, but helped the REIT improve business processes and operations.
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