Monday, August 01, 2005
Link Sarbanes-Oxley Compliance to Business Improvement
Compliance closely resembles the proven concepts of quality management. In the 1980’s Phil Crosby preached that by defining quality as conforming to expectations then “Quality is Free.”
Sarbanes-Oxley demands quality in financial reporting. While the initial costs of SOX compliance have been extraordinarily high, companies can achieve a return on investment by approaching their SOX compliance with a mindset to drive quality throughout their financial operations.
Companies can achieve a return on compliance spending by using SOX as a lever to improve business processes – processes mapped as part of their SOX documentation. While Sarbanes-Oxley remains a government mandate to prove that you run an honest business, compliance can be more than just a tax.
posted by Brian Moran @ 10:03 AM