Cutting the Time and Cost of SOX Compliance
(c) Copyright 2006 by Gerald Czarnecki - All Rights reserved
When the regulations of Sarbanes-Oxley took effect in July
2002, corporate leaders complained loudly about the time and
cost of the new compliance requirements.
Now three-and-a-half years later, the complaints have
lessened to a low grumble and leaders are now looking for
ways to improve their internal processess so that they are
more efficient and less costly. In "Automation and
Sarbanes-Oxley Complaince" an article that appeared on
october 18, 2005 in CFO magazine, writer Eric Laursen
explored the new automated documentation and monitoring
systems that many companies are now using in an effort to
achieve efficiency and savings.
"Most companies are anxious for business unit managers to
assume accountability for Sarbanes-Oxley compliance. Yet,
they also realize that the biggest pain points in the
compliance process - and teh biggest opportunities for
achieving savings and greater efficiency - lie not in the
scramble for better documentation that they focused on in
year one, but rather in fundamental areas of financial
reporting such as testing, monitoring, and remediation or
mitigation."
http://cfo.com/article.cfm/4393020?f=related
Particularly for large companies that have operations in
multiple locations, the automated systems are advisable. It
is time for companies to accept SOX and employ the tools and
technology that will ease their efforts to comply with the
regulations.
Gerry Czarnecki promotes excellence in leadership through
activities as an author, public speaker & consultant. He
also trains boards of directors in corporate governance best
practices. For leadership books & programs go to
www.the-czar.com; for his business consulting & governance
training visit www.deltennium.com
