Three Reasons Compliance Officers Are Switching to Automated SOX Compliance Management Software
According to a survey by the consulting firm Protiviti, the number of hours for Sarbanes-Oxley or SOX compliance has increased dramatically in 2021. The survey states that 65% of the 650 participants have increased the amount of time to comply with SOX by 10% compared to last year. The Sarbanes-Oxley Act of 2002 was enacted after a series of accounting scandals in the early 2000s. Therefore, to ensure compliance in the industry, the Act requires companies to: regularly audit their internal controls; obtain management signoffs on financial reports; establish Public Company Accounting Oversight Board to oversee audit firms; and mandate enhanced financial disclosures, among other mandates Though most businesses have become used to SOX compliance , the expenses and hours required for it have not decreased. Therefore, companies need to adopt automated compliance solutions that can adapt to the evolving risk landscape and help compliance officers streamline the...