Sarbanes-Oxley Compliance Survey

​​​Key Findings

1. SOX compliance costs, together with external audit fees and scrutiny, are increasing
                                              

2. A strong majority of companies are now using the new COSO framework, and they required only ICFR refinements rather than a rebuilding effort
                                              

3. Compliance programs are undergoing substantial changes, especially regarding high-risk processes, IT controls and entity-level controls
                                              

4. While compliance mastery remains an elusive state, more companies are looking to generate value from their compliance activities
                                              

 

 

 

 

 

 

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2015 Sarbanes-Oxley Compliance Survey


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: 
 

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Register for our May 19th webinar that analyzes 2015's trends based on the results of the latest Sarbanes-Oxley Compliance Survey.

 
 
Download a Sarbanes-Oxley Section 404 Status Report

This Sarbanes-Oxley Section 404 status report from KnowledgeLeader focuses on increasing communication between the project team, executive management and process owners to facilitate understanding of the project’s purpose and deliverables.
 
 
 
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