Now is the time to realize the cost efficiencies that can be derived from globalizing your resources.
The basic procedures involved in the SOX function have been in practice for several years and are fairly well codified. Make a move to derive cost efficiencies by globalizing your resources.
Outsourcing is already being used extensively in the SOX arena: 50% of survey participants said that they used outside service providers for some part of their SOX-compliance work, with 66% using outside resources for testing.
And yet:
- 81% of our survey executives said that Internal Audit was involved with their SOX program
- 40% indicated that their Internal Audit department devoted at least a quarter of its budget or more to SOX activities
Is Internal Audit involved in the SOX program?
Internal Audit involvement in SOX program
For the majority of respondents, the Internal Audit department is involved with the SOX program.
If IA is used in the SOX program, what percent of IA budget/capacity is spent on SOX testing?
Internal Audit resources on SOX testing
Most respondents whose Internal Audit department is involved in the SOX program say that less than 25% of its budget and capacity is spent on SOX testing.
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