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Companies are Spending More Time Managing SOX Compliance

Companies are Spending More Time Managing SOX Compliance

15 years after the act was initially created, the Sarbanes-Oxley Act is still costing companies huge amounts of money in both labor costs and overall dollars.

Protiviti consulting surveyed 468 chief audit executives and internal audit and finance leaders in an effort to gain insight on how much SOX compliance costs them. The results were interesting, companies spend anywhere from $657,383 to $1,292,000 per year which, believe it or not, is down from last year. Not surprisingly, financial services have the highest overall costs associated with SOX compliance while consumer products and retail has the lowest associated costs.

6 Ways to Ensure that You Are SOX Compliant

6 Ways to Ensure that You Are SOX Compliant

Staying compliant with the many rules and regulations that the Sarbanes-Oxley Act of 2002 (SOX) has put into place over the years is hard work. We've had the opportunities to speak with internal controllers and audit professionals about how they stay compliant with everything that SOX has put into place. Through these conversations, it's apparent that these executives are becoming increasingly concerned for their organization as the external pressure increases. Below we've listed the 6 ways to ensure that you remain compliant with SOX regulations.