Compliance is never static but constantly evolves, presenting challenges and high costs due to the inefficiencies in many SOX programs today. So what’s the path forward? To address this, we first need to understand the common challenges organizations face with SOX compliance. Some of those include:
❌ Ever-changing regulations – compliance is never static but constantly evolves. ❌ High Upfront Costs – implementation management, integrated audits, consultants, etc. ❌ Out-of-Sync SOX Documents – only 25% of companies are using technology tools for compliance programs ❌ Lack of Centralized Collaboration and Real-Time Control Visibility – as a result, this drives a cumbersome and expensive PBC process
Streamlining SOX compliance starts with one important step: staying informed. Businesses must be diligent in staying on top of compliance trends and the solutions that will empower them to be proactive rather than reactive.
Katie Thomas, CPA recently teamed up with FloQast to write an article all about this. You can check it out here.
The main challenges include ever-changing regulations, high upfront costs, out-of-sync SOX documents, and lack of centralized collaboration.
Streamlining SOX compliance starts with staying informed about compliance trends and utilizing technology tools to enhance your program.
Staying updated helps businesses be proactive rather than reactive, reducing costs and improving efficiency in compliance efforts.
Technology can help centralize documents and improve collaboration, making the compliance process more efficient and less cumbersome.
Costs can include implementation management, integrated audits, and hiring consultants, which can add up quickly.
Improving the PBC process involves enhancing real-time control visibility and ensuring that all compliance documents are synchronized.