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Wednesday, June 15, 2005
SOX: New rules for year two
AMR Research analyst John Hagerty has three words of advice for executives grappling with compliance with the Sarbanes-Oxley Act: repeatable, sustainable and cost-effective.
"SOX is not going to go away like Y2K. It's here to stay," Hagerty said.
About half of the companies Hagerty deals with still view SOX compliance as just another tactical project. "SOX is a process, not a project, and you have to plan for it."
The first line of attack -- making the process repeatable -- requires investing in technologies that will help automate testing of internal controls, Hagerty said. AMR Research Inc. estimates that of the $6.1 billion spent on SOX compliance in 2005, nearly two-thirds will go to internal labor and head count.
"People will always be involved in a compliance process like this, but you don't want to have it be intrusive or taking away from day-to-day work," Hagerty said.
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