Sarbanes-Oxley Not Institutionalized
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Less than half of the largest U.S. companies have institutionalized their Sarbanes-Oxley compliance, according to a survey. The survey from vendor Resource Audit Solutions, a subsidiary of Resources Global Professionals. Not only are they not institutionalizing compliance, the management software is not enterprise-wide. "In particular, companies are not measuring the return on investment of their SOX compliance efforts. This is despite the fact that respondents have invested in an average of two or more external firms for SOX compliance support. "Our survey results show that in the first year of Sarbanes-Oxley compliance, many of the nation's largest companies did not fully institutionalize their compliance processes nor integrate them into their day-to-day business operations, said Steve Mezzio, Managing Director, Resources Audit Solutions. "Company executives understand the potential benefit of evolving SOX compliance from a 'project' focus to a fully integrated process, though facilitating that transition with an eye toward measuring the ROI of SOX 404 remains a significant challenge." To gauge the opinion of those who have been managing their SOX compliance programs, Resources fielded this survey with over 200 executives and achieved a response rate of nearly 30 percent, or 60 companies. Of these 60 companies, nearly two-thirds have revenues exceeding $1 billion, with 25 percent having revenues exceeding $10 billion.
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