Best Practices in SOX Compliance
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Overview: It is mandatory for public companies across the US to comply with the provisions of the SOX Act. Organizations may face financial penalties as well as reputational hassles in case of failure to comply, which can, in turn, lead to inefficient processes and controls within non-complying organizations. Experts believe that investors’ confidence in organizations can be shaken owing to lack of accountability, reliability, and accuracy in corporate disclosures. SOX experts believe that organizations fail these audits because a majority of the companies follow an event-driven approach for compliance. Moreover, the absence of documented control procedures can result in organizations failing SOX audits.