2018 Sarbanes Oxley Survey
Benchmarking SOX Costs, Hours and Controls
Leverage the results of Protiviti's 2018 Sarbanes-Oxley Compliance Survey to gear up and automate key processes
The Sarbanes-Oxley Act, a watershed law that affected nearly all publicly held companies soon after it was enacted in 2002, continues to make waves for organisations, particularly given the broad range of changes and influences impacting compliance efforts.
From new accounting standards for revenue recognition and lease accounting to ongoing inspections of external auditors by the Public Company Accounting Oversight Board (PCAOB), the landscape for SOX compliance continues to shift for a law that was expected to evolved into one requiring a relatively stable compliance exercise for affected companies.
Changes continue to influence SOX compliance efforts, but the areas of most significant concern have been consistent for years: costs, hours and control counts. In addition, organisations are asking more questions about opportunities to increase their use of automated controls and employ more robotic process automation (RPA) into their compliance efforts. We present data points and insights on these and numerous other SOX issues in our 2018 Sarbanes-Oxley Compliance Survey.
Upon request, Protiviti can provide more detailed results on where other organisations in similar industries and of comparable size, filer status and more stand in relation to the company’s own SOX compliance programme.
- Compliance costs appear to be trending down…or are they?
- Hours continue to go up
- Use of outside resources is on the rise
- Control counts are up
- Revenue recognition, cyber security and the PCAOB are influencing forces
- SOX work continue to be viewed as having a positive effect