SOX function transformation
In our survey, 58% of respondents indicated that cost and/or level of effort and innovation, as well as adding value to the business, were top challenges for their SOX function.
There are many ways of reducing cost while maintaining -- or even increasing -- innovation and coverage, and adding value. Several can be achieved through a SOX transformation:
- Reductions in spend from a substantial line-item cost.
Manual costs money — and SOX controls are predominantly manual: 78% of survey respondents said that fewer than a quarter of their key controls were fully automated.
- More strategic allocations of financial control resources.
Automation frees up resources to be put to better use elsewhere. SOX analysts are available to work on more strategic and value-added initiatives.
- More effective management and monitoring of the business.
Building the SOX function into the regular flow of business operations makes you capable of quicker decision-making across your entire enterprise, adding value.
- More cost-efficient work by external auditors.
Automated controls may help reduce the time spent handling the inquiries and testing by the external auditors.
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