Resources for Sarbanes-Oxley (SOX)

Executives Say Their Companies Still Grapple With Risk and Controls Management

accounting.smartpros.com

While the Sarbanes-Oxley Act required a focus on internal controls over financial reporting -- led mainly by the CFO's team -- research from KPMG International indicates that the "risk and controls" mindset has yet to fully penetrate other areas of the company, particularly executives in operating units.

"Even after the recent regulatory upheaval, many companies are not significantly better prepared to manage enterprise-wide risks to their organization than they were before Sarbanes-Oxley was passed in 2001," said Michael J. Nolan, global head of Internal Audit Services at KPMG. "Of greater challenge, the KPMG study found that company executives want their organization’s risk structure to be more strategic and forward-looking, yet lack the tools, competencies and culture to transform the risk structure."

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