As the Sarbanes-Oxley Act enters its second decade (and Section 404 nears the end of its first decade), organizations with the most effective and efficient compliance capabilities are learning from the past, rather than repeating it. In fact, despite its relative maturity, SOX continues to pose new challenges for public companies.
Key findings from Protiviti’s 2013 Sarbanes-Oxley Compliance Survey reveal that the best compliance efforts remain spry and seek to build value as well as increase effectiveness.
- More companies are adjusting their compliance efforts to focus on high-risk processes and walkthroughs.
- External auditor reliance on these efforts, and on the work of others in general, continues to evolve, due in part to guidance from the PCAOB.
- More companies are shifting SOX compliance oversight responsibilities away from project management offices (PMOs) to internal audit functions.
- SOX compliance costs are rising, as are external audit fees. However, for most organizations the cost of SOX compliance remains at a manageable level.
- Organizations continue to report significant improvements in their internal control structures since SOX Section 404(b) became a requirement.
- The automation of controls remains an enticing option and perhaps the “final frontier” for achieving significant improvements and efficiencies.
Watch our video
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Protiviti Executive Vice President Brian Christensen discusses highlights from Protiviti's 2013 Sarbanes-Oxley Compliance Survey.
Listen to podcasts
- Views from the PCAOB - Effects on Public Companies - Protiviti Senior Managing Director Bob Hirth discusses recent reports and guidance from the PCAOB and their effects on public companies.
- Perspectives on Sarbanes-Oxley Compliance – 10 Years Later - Executive Vice President Brian Christensen and Managing Director Jim DeLoach review highlights from Protiviti's 2012 Sarbanes-Oxley Compliance Survey.
- Perspectives on Sarbanes-Oxley Compliance – Where Companies Are Saving Costs and Achieving Greater Efficiencies - Executive Vice President Bob Hirth and Managing Director Jim DeLoach review highlights from Protiviti's 2011 Sarbanes-Oxley Compliance Survey.