SOX Compliance: Challenges and Benefits
Exploring the challenges and benefits of SOX compliance through the use of spreadsheets, auditor independence to technology As surprising as it may sound, the Sarbanes-Oxley Act (SOX) has been around longer than cryptocurrencies, and yet publicly listed corporations and those considering going public are still grappling with the financial services compliance law. So much so that the 2020 Protiviti survey states that 65% of the 650 audit, compliance, and finance leaders polled reported a 10% increase in SOX compliance hours over the previous year. Increased demands, regulatory requirements, and shifting market dynamics have all made SOX compliance processes an unstable target. And, when you add a corporate activity like entry into new markets, mergers and acquisitions, and digital transformation to the mix, it is easy to see why SOX internal controls remain a costly and challenging undertaking. Here are some key challenges that come with SOX compliance. Excessive Use of Spreadsheets