"But the proper implementation of technology can strengthen the control environment, alleviate staffing challenges, embed compliance processes into first-line activities, improve reporting and cut costs."Ībout SOX & Internal Controls Professionals Group
"It’s possible that companies are hesitant to embrace automation because they don’t know where to start," added Uyeno. Two-thirds of respondents said they don’t use bots or automated routines at all. Most respondents said their use of data analytics in their SOX programs were still at basic levels for sample selection, scoping, and evaluating severity of control failures. Survey respondents also noted that automation and analytics are still not widely used. 75 percent said they use multiple systems for their SOX processes Multiple systems create unnecessary inefficiencies and increase the risk of mishandling data. Among respondents at companies with $5 billion or more in average revenue, the average was 536.įragmented or inefficient technology continues to be a sore spot for SOX practitioners. The average number of key controls among respondents at companies with less than $700 million in average revenue was 242. Company revenue was a major driver of increased controls. In contrast, nearly half of last year’s respondents had less than 250 key controls. On average, respondents had 300 key controls, with the majority reporting 250 to 300. This year, respondents reported having more key controls. "Now more than ever, SOX compliance leaders need to be a strategic partner for the enterprise to collaborate across teams and push company leaders to adopt new, automated technology that will reduce risk and directly benefit the first line of defense." "SOX compliance has been a fixture in the corporate world for nearly 20 years, with no sign from regulators that compliance standards will ease," said Lauren Uyeno, director of the SOX & Internal Controls Professionals Group. (NYSE:WK), asked respondents to weigh in on technology challenges, key controls, automation and the effects of COVID-19 on their company’s Sarbanes-Oxley Act (SOX) compliance. The survey, which was conducted with KPMG US and Workiva Inc. Key controls are increasing and revenue is the driverħ5% of SOX Pros use multiple technologies for the SOX processesĪnalytics and automation aren’t yet widely usedĪMES, Iowa, October 14, 2021-( BUSINESS WIRE)- The SOX & Internal Controls Professional Group today released the findings of its sixth-annual State of the SOX and Internal Controls Market Survey. Sixth Annual Survey Identifies 2021 Trends in SOX ComplianceĬompanies believe they weathered the pandemic wellĬybersecurity risks are still a top concern for compliance
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