Security News > 2020 > June > Tasks associated with SOX compliance continue to be significant

The longstanding challenges associated with compliance with the Sarbanes-Oxley Act, such as the cost of compliance and reliance on time-consuming manual tasks, are being exacerbated by the COVID-19 pandemic, as finance and audit teams are required to perform audit tasks remotely.

"The tasks associated with SOX compliance continue to be significant and time-consuming," said Brian Christensen, executive vice president and global leader of Protiviti's internal audit and financial advisory practice.

"The pandemic brings added burdens to the SOX compliance process, and it will be important for companies to reassess any temporary changes in control design and operation to ensure they continue to be aligned with their risk appetite as the business environment begins to normalize."

Companies are starting to take notice, with a quarter of those who do not currently utilize technology tools in their organization's SOX compliance process responding that they plan to do so in the next fiscal year and 48 percent responding that they plan to do so within two years.

Among the survey respondents already leveraging technology in their organization's SOX compliance process, it is most frequently applied in testing the accounts payable process, financial reporting process and account reconciliations process.

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