Meeting the challenge
Embedding sustainable Sarbanes-Oxley processes

Section 404 of Sarbanes-Oxley has imposed a substantial burden of time and resources on companies. In order to prepare for the compliance deadline, companies have had to cover considerable ground to ensure that the appropriate controls are in place and tested. To add to this pressure, many commentators have questioned the value that compliance with Sarbanes-Oxley creates for companies and their investors.

Given the US experience demonstrated that very few businesses managed to create a sustainable, efficient and value-adding compliance process from year one, many Foreign Private Issuers (FPIs) are now looking for insights and guidance to avoid similar pitfalls. Senior management are intent on reducing the cost of compliance and delivering real benefits from this process.

As a result, this survey sought to understand to what extent the US experience is likely to be repeated by FPIs, what the main concerns and challenges are and how project efforts today will impact on the way that relevant controls are managed in the future.

We have carried out a detailed survey of Sarbanes-Oxley project team leaders from 36 organisations in Australia, Continental Europe and the UK. These span a range of sectors including telecommunications, energy and mining, retail and consumer products, pharmaceuticals and financial services.

The results of the survey confirm that Sarbanes-Oxley compliance certainly appears to have the attention of senior management. However the research reveals a number of questions about whether the foundations are being laid for sustainable compliance.

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Meeting the challenge