Changes Abound Amid Drive for Stability and Long-Term Value
As the Sarbanes-Oxley Act celebrates lucky birthday number 13 this summer, it’s tempting to hold the view that, by now, most public companies have – or should have – mastered the compliance process and achieved a level of stability in the costs and hours required. Unfortunately, this is not the case, largely because of the interestingly dynamic nature of SOX compliance. External forces continue to exert influence both direct (e.g., the Committee of Sponsoring Organizations’ (COSO) new Internal Control – Integrated Framework) and indirect (e.g., the Public Accounting Oversight Board’s (PCAOB) external auditor inspection reports) on how SOX compliance is governed, audited and regulated.
In this benchmarking study, we find that more companies continue to concentrate on strengthening their ability to leverage SOX compliance requirements to achieve improvements in their financial reporting and other business processes. And as part of these efforts, they certainly aspire to achieve broader organizational efficiencies and enhancements. But this remains a moving target: Obstacles continue to emerge, and the costs and hours continue to go up.
View the accompanying video to the Sarbanes-Oxley Compliance Survey.
View Results from previous years: