Wednesday, November 02, 2005
Survey: IT, Other Execs Want Better Sarbox Tools
IT executives and finance managers are working together to meet Sarbanes-Oxley requirements, a new survey says, but want better and more efficient tools to create and manage accounting records.
The initial shock of Sarbanes-Oxley's is over, but many executives see no end in sight for the additional resources they need to comply with the requirements.
Accenture released results of a nationwide survey Tuesday that showed IT executives and finance managers are cooperating to meet Sarbanes-Oxley requirements but want better and more efficient tools to create and manage accounting records. The survey queried 304 information technology and finance executives from U.S. businesses with revenues of at least $1 billion.
It found that more than 60 percent of finance executives believe the technology tools for supporting compliance are either somewhat effective or not effective. More than half of respondents (57 percent of IT managers and 51 percent of finance managers) said they have made staffing changes to support compliance. Fifty-three percent of IT managers and 42 percent of finance managers believe they will continue to need additional staff to meet the requirements over the next one to three years.
Gary Curtis, managing partner in Accenture's Strategy practice, said in a prepared statement that Sarbanes-Oxley has demanded dramatic reforms but it also offers an opportunity for improving business performance by better aligning IT and finance functions.
posted by Brian Moran @ 10:28 AM