Below is a high-level list of considerations for management and the internal audit team as they plan ahead for the annual SOX audit:
The administrative burden of managing SOX compliance using Microsoft Word, Excel, emails and Sharepoint is increasingly being perceived as the old way of managing SOX. Technology advancements driving automation across the organization present SOX compliance stakeholders with an opportunity to automate and move toward what is being referred to as “SOX compliance 2.0.” According to Protiviti, Internal Audit functions that proactively and effectively implement SOX software to automate repetitive manual processes can actually strengthen assurance provided to management and maximize the information external auditors rely on in their assessments, improving overall SOX audit efficiency.
Learn what to look for in a well-rounded SOX solution by downloading AuditBoard’s checklist on “Top 10 Things Your SOX Solution Needs.”
Due to the seriousness of penalties of noncompliance, including removal from listings on public stock exchanges, invalidation of corporate insurance policies, and fines upward of $5 million and up to 20 years in prison for CFOs and CEOs, SOX compliance remains both a priority and a challenge for companies. Learn how AuditBoard can help you streamline your SOX program, save administrative hours, and gain back time by filling out the form below.