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Sarbanes-Oxley: After Eight Years, Companies are Still Struggling
Sarbanes-Oxley has been with us nearly eight years now, but despite the time to implement a strategy, plus additional clarifications by the SEC around what really is required, companies still struggle with their compliance programs.
About three-quarters of senior level financial executives feel that their organizations still lack efficiency in how they have attempted to comply with Sarbanes-Oxley Section 404(b). The inefficiencies most often cited include staff members that are not adequately trained in the correct procedures for process and control, not enough emphasis on proper project management, and an attitude that still errs too heavily on completeness rather than on efficiency.
Only about a third of companies feel that their implementation of SOX is 100 percent complete. On the opposite end of the spectrum, 35 percent of organizations are less than 25 percent complete in implementing SOX 404 requirements. And the remaining third of companies are somewhere in between in their implementations.
The numbers are based on a survey taken by Ajilon Finance Solutions of 210 accountants. So despite the recent press that many companies have gotten SOX under their belts and have moved on to other priorities, it seems that there is still a sizable number of companies that are having problems.
