SOX Guidance Has Helped Decrease Compliance Burden


Thanks to SOX section 404 rules and guidance issued by the PCAOB and the SEC in May 2007, many internal audit committees are finding time for other responsibilities.

According to Moving Internal Audit Back into Balance, a Protiviti survey of 321 internal audit professionals, four in 10 internal audit departments decreased the time devoted to SOX compliance since the new standard and guidance were announced.

As a result, these departments have resumed more traditional internal audit responsibilities, including regulatory compliance and advising senior management and the board’s audit committee.

Source: Protiviti, www.protiviti.com/go/rebalancing3.

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.