Case Study: a fintech leader achieves SOX readiness with BDO's internal control framework support

FinTech Leader avoids material weaknesses and readies for SOX with BDO

A fintech leader with multiple subsidiaries across institutional, wholesale, and retail sectors faced a challenge following its IPO. It lacked a unified internal control framework, had no process documentation, and needed to determine its readiness to comply with SOX requirements. The company engaged BDO to evaluate its internal control design and identify the root causes of audit findings.

BDO implemented a risk-based approach, applying SOX knowledge to draft process flows, document controls, and assess effectiveness through testing. The team identified gaps, provided remediation recommendations, and worked with process owners on implementation. As a result of BDO's work, the company had no material weaknesses by year-end and was deemed ready for SOX compliance. The new process also provided external auditors with greater comfort over management's role in internal controls.