1.5 CPE Not currently accepting new students
Introduction to Sox Primer Overview
Lesson Questions and Answers4 Questions
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
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Do you think it's worthwhile for the international company where you worked at to implement SOX controls given the compliance costs?
That is a bit of a loaded and difficult question. The requirement for SOX is mandated to publicly traded companies. Many organizations that are not publicly traded have adopted the process as leading practice. I have watched and been involved with SOX since it’s inception and worked for both publicly traded and no publicly traded organizations. Those organizations required to comply have a more rigorous process in my opinion. Organizations that say they adopt it as best practice don’t really have all the checks and balances in place to truly say they comply (at least that is what I’ve seen). From a pure best practice perspective I believe SOX has been very advantageous to transparent financial reporting. It’s gone through various stages of maturity and most publicly traded companies have learned how to streamline and synergie their compliance costs. So for a company new to adoption, they have to truly balance the cost bs benefit and the level of compliance they seek.
I know that is a long and maybe not black and white response but it is really up to the organization and stakeholders
What percentage of private companies are adopting SOX as best practices?
That answer has changed over the years. In the early years of SOX, many private companies proclaimed they were adopting it as a leading practice. I have not seen any recent surveys on the topic but you may be able to find something by just googling the topic