2011 Sarbanes-Oxley Compliance Survey
According to results from Protiviti’s 2011 Sarbanes-Oxley Compliance Survey, one in three – about 35% – of organizations across the U.S. have plans to automate more compliance controls and address risk management.
The survey benchmarks compliance strategies that organizations take with regard to cost, time and effort. Results revealed automation as likely being the ‘last frontier’ of process improvement and many companies have an opportunity to automate more of their controls and a gain significant competitive advantage.
Among other key findings in the survey:
- Organizations that automate many or their manual controls can generate a significant return on investment – including a stronger internal control environment and improved efficiency.
- Compliance costs usually outweigh the benefits and are highest in initial years of implementation, but can fall as much as 50% from Year One costs.
- Despite push towards automation, process inefficiencies include spreadsheet risk – 72% of companies still rely on spreadsheets to prepare manual journal entries and/or support financial disclosures.