White Papers for Sarbanes-Oxley (SOX)

Controls, Compliance and the Role of Continuous Monitoring

Oversight

Organizations have spent numerous hours remediating internal control weaknesses. And because they lack the internal resources or skill set to maintain compliance, many companies must continue to rely on external resources to support on-going compliance activities, further increasing cost.Lack of automation has also contributed to the high cost of compliance. In many organizations a high number of manual controls, as well as a substantial amount of manual testing, still remain.
Organizations, therefore, are faced with a challenge: In the current regulatory environment, management and stakeholders will only accept one result – 100% accuracy and integrity in financial reporting. Non-compliance is not an option. However, companies are struggling to find an efficient, cost-effective method of attaining this goal.
Based on the factors outlined above, the development of a sustainable, long-term compliance plan should focus on minimizing cost, strengthening the control environment, ensuring financial reporting accuracy and adding value to the organization. Continuous monitoring can play a major role in accomplishing these goals.

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