SOX function transformation
What’s the fix?
"There is a real opportunity to use technology more strategically." Robert Cullen, Partner, Ernst & Young LLP
Thinking outside the SOX box identifies four areas of action.
- Automating control testing
Replacing manual control testing with automated control testing will decrease hours spent on SOX, while increasing coverage.
- Offshoring for lower-cost resources
Offshoring reduces costs and allows in-house resources to be applied to more strategic and value-added business matters.
- Leveraging IT investment
Only 21% of our survey participants employ data analytics regularly, 88% never use predictive modeling, and 65% do not use third-party applications to automate continuous controls monitoring. Get more out of your technology investment by using it more strategically and use more innovative IT techniques.
- Innovating strategically
- Control self-assessment (58% of survey participants do not use)
- Peer reviews (63% don't use)
- Incorporating the SOX function into enterprise risk management (48% don't do this)
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