September 26, 2022

SOX Approaching Teens, Behaving Accordingly: Survey

That is, taking up a lot more of companies' time and money:  
Nearly 13 years after the passage of the Sarbanes-Oxley Act, the money and time spent to comply with its disclosure requirements continue to increase for companies, according to a new survey.
 
Sixty-seven percent of the 460 audit executives and professionals polled by the global consulting firm Protiviti reported an increase in the hours that their organization dedicated last year to addressing SOX compliance. More than half indicated that those hours had increased by at least 16%.
 
On the cost side, 58% of companies said their external audit fees increased in fiscal 2014, reflecting, in part, the Public Company Accounting Oversight Board’s inspection reports of external auditors and the adoption of the Committee of Sponsoring Organizations‘ new Internal Control — Integrated Framework to guide documentation efforts. Fifty-eight percent of large company respondents spent more than $1 million on SOX compliance last year.
Oh, and while we're at it, good-for-nothing. WHEN YOU GONNA GROW UP, SOX?
 
[CFO]

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