SOX function transformation
How does this affect you?
Testing is the most time-consuming process related to SOX controls. Most respondents agree automation would free up both time and money.
According to the survey:
- Only 3% of the organizations have fully-automated more than half of their key controls
- 35% indicate they have more than 1,000 controls, 60% of which are key controls
- 61% of respondents spent at least five hours testing each control
- 37% of respondents spend up to $2 million on SOX testing
- 14% spend up to $5 million every year on SOX overall
Half of the survey respondents said they use outside providers for some part of their SOX compliance. Still, 81% of executives surveyed said that Internal Audit was involved with SOX in some capacity.
Moreover, 40% indicated that their Internal Audit department devoted at least a quarter of its budget and capacity to SOX testing alone.
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