Compliance Consulting (SOX, GLBA, PCI...)

Today many organizations and businesses accept and process credit cards; which means they may have access to sensitive and private customer information. To maintain customer confidence in your organization and protect sensitive customer data, most credit card associations have adopted the Payment Card Industry (PCI) Data Security Standard, which was jointly developed by VISA and MasterCard.

Wipfli LLP – Public Company Services

Integrated Financial Statement Audit

Wipfli is a member of the Public Company Accounting Oversight Board (PCAOB) and has all of the resources necessary to serve as the external auditor for the small to medium-sized public company within the industries we serve. We have a long history of providing audit services to public companies. In servicing public companies, we take a realistic approach to the integrated, audit and challenge the companies management to document and test the key controls that have the most significant effect on providing an appropriate internal control system over the financial reporting process. These controls become the basis for the intergrated audit that focuses on the risks present in the public company. 

Our partners take an active role in managing our public company audit engagements. This active management style gives you more access to the decision makers than our competitors in the national firms. Our partners staff public company engagements not only with audit and tax professionals with experience in your particular industry, but also with professionals in all areas of our service lines to ensure that you get the best service. These additional professionals will have expertise in internal audit, information technology, valuation, and fraud. 

The professionals in Wipfli’s Public Company practice regularly attend continuing education related to Securities and Exchange Commission filings and auditing in the public arena. We also participate in annual SEC and PCAOB conferences. As members of the AICPA’s Center for Audit Quality, we have access to many of the same resources as the national firms.

The Risk Management Group provides regulatory compliance services as one of its core services to financial institutions throughout the Midwest. The regulatory compliance approach is centered on risk-focused, best-practice solutions and service excellence.

Our team will work with you to:

• Identify, evaluate, and test risks associated with:
  • Truth in lending
  • Fair lending
  • Real Estate Settlement Procedures Act
  • Community Reinvestment Act
  • Fair credit reporting/FACT Act
  • Home Mortgage Disclosure act
  • Funds availability
  • Truth in savings
  • Electronic Funds Transfer Act
  • Bank Secrecy Act/USA PATRIOT Act
  • Internet website
• Provide compliance support for new products, services, or marketing campaigns
• Provide routine compliance testing and solutions to issues detected
• Conduct pre- and post-compliance examination reviews
• Provide assistance with policy and procedure development and training

Conducting business in an international economy brings with it specific risk considerations, even for nonpublicly held entities.  Of those, the bribery of foreign officials and monitoring of foreign activities have the greatest potential for high-dollar litigation, regulatory enforcement action, and criminal prosecution against organizations that conduct business internationally.  Enacted in 1977, the Foreign Corrupt Practices Act has laid the groundwork for multimillion dollar settlements and numerous criminal convictions of noncompliant organizations.  An organization is at risk not only from the actions of its employees, but also from the actions of third parties such as agents, distributors, partners, freight forwarders, customs brokers, or any person acting on the organization’s behalf. Potential enforcement penalties include criminal fines for the organization, criminal fines and imprisonment for individuals (including individuals with no actual knowledge or direct involvement in the alleged violation), and regulatory enforcement actions. Implementing a functioning proactive compliance program mitigates both your risk of a violation occurring or potential penalties in the event of a violation.

The HIPAA security regulations have caused organizations to scrutinize how they secure and employ their information technology.  In response, progressive health care organizations have engaged Wipfli to assist with HIPAA compliance and to use the opportunity to improve information technology management.  Our HIPAA Security program is not “one size fits all.”  Wipfli will work with you to develop an approach that best fits your organization.  Some of the steps in the program are as follows:

• Review the administrative, physical, and technical safeguards
• Provide an assessment report comparing organization to similar organizations
• Conduct a risk assessment for identifying changes required in the organization
• Prepare an action plan to address identified risks including strategies for achieving and maintaining compliance
• Draft security policies and procedures
• Prepare education and training programs required to meet HIPAA’s training requirements
• Perform a final compliance review