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The benefits envisioned by enterprises for complying with the Sarbanes-Oxley Act may never materialize. So says a survey conducted by ACL Services and the Center for Continuous Auditing.
The painstaking task of establishing, documenting and certifying financial controls was supposed to ultimately give public companies better visibility into their financial performance, according to proponents of the legislation.
However, according to the survey of 247 senior auditing professionals at corporations with more than $1 billion in annual revenues, only 40 percent of these organizations already automate, or plan to automate, the testing of their controls this year, even though more than 95 percent of respondents said that maintaining effective SarbOx compliance requires “reduction of staff time and associated costs to test internal controls.”
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