Where U.S.-Listed Companies Stand: Reviewing Cost, Time, Effort and Processes
According to the results of Protiviti’s 2011 Sarbanes-Oxley Compliance Survey, the news is becoming better for many organizations. Without question, the initial years of compliance result in high costs for companies in terms of time, money and other resources. Overall, however, costs tend to stabilize and even fall in later compliance years, and more organizations find that the benefits – including a stronger internal control environment and improved effectiveness and efficiency in operations – outweigh these costs.
Protiviti’s Sarbanes-Oxley Compliance Survey takes an in-depth look at these issues, along with the strategies and tactics that will help organizations benchmark their compliance processes with regard to cost, time and effort; maximize the many benefits of those processes; and achieve a desired state of verifiable compliance, value-add and sustainability.
Among other key findings in the survey:
- SOX compliance efforts have moved in-house for most organizations.
- Compliance costs for companies in their fourth year of compliance or beyond can fall as much as 50 percent from Year One costs.
- Most organizations spend in the range of $100,000 to $1 million annually on compliance-related activities.
- Most organizations outsource the highest percentage of SOX work during the first year of compliance and less in subsequent years.
- Many companies have an opportunity to automate more of their controls and gain significant competitive advantage.
Download the 2011 Sarbanes-Oxley Compliance Survey (PDF) (requires Acrobat Reader; please disable your pop up blocker)
Listen to our podcast:
Perspectives on Sarbanes-Oxley Compliance – Where Companies Are Saving Costs and Achieving Greater Efficiencies - Executive Vice President Bob Hirth and Managing Director Jim DeLoach review highlights from Protiviti's 2011 Sarbanes-Oxley Compliance Survey.
Previous surveys:
2010 Sarbanes-Oxley Compliance Survey