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Do You Understand the Costs and Benefits of Sarbanes-Oxley Compliance?

Posted by Lark Scheierman on Fri, Jul 01, 2016 @ 11:36 AM

Infographic-2016-SOX-Compliance-Survey-Protiviti.jpgSarbanes-Oxley compliance once was thought to be a relatively static, predictable process that organizations could rely on to be routine and, for the most part, static. Yet market and regulatory changes continue to make this a more dynamic process, with costs and hours continuing to rise for many organizations. The good news is that more organizations are recognizing the benefits of their compliance efforts through improved internal control structure and business processes.

How can companies face the future with confidence by managing costs, hours and expectations regarding their Sarbanes-Oxley compliance processes? It starts with understanding not only their organization's and business transformation efforts, but also the requirements set forth by the PCAOB and the revised internal control framework, as well as evolving expectations of the external auditors. 

Protiviti’s annual Sarbanes-Oxley compliance survey looks deeply into areas including costs, hours and control environments of a broad spectrum of organizations. 

Questions asked in this benchmarking survey include:

  • For fiscal year 2015, what change, if any, did you experience in your external audit fees?
  • Do your external auditors rely on work that you do to the fullest extent possible for medium- and low-risk processes?
  • Does your organization use outside resources for Sarbanes-Oxley compliance activities related to process controls?
  • Does your organization use outside resources for Sarbanes-Oxley compliance activities related to IT controls?
  • For fiscal year 2015, what was your organization’s estimated number of entity-level and process-level Sarbanes-Oxley-related controls?

If you haven’t done so already, download a copy of this benchmarking report and related infographic.

Topics: Sarbanes-Oxley, compliance, SOX, PCAOB

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