SOX Compliance strains enterprise resources and increases risk due to the need for project progression visibility, cross-functionality, significant resource dedication, and internal audit crowd-out.
Together, this translates into risks of failure at each SOX program stage gate.
SOX requirements are always changing, requiring manual updates of information in multiple places.
High user volume increases the incidence of errors, while version control and version history tracking become a nightmare.
With SOX requirements constantly changing, the PCAOB is constantly updating their focus. Results of walkthrough tests may require documentation reworks and test redesigns.
Version control continues to be a significant issue, in addition to lack of adequate evidence of control execution, client delays, cost overruns, missed internal deadlines, and potential delays.
Accountability becomes an issue, as does gaining and maintaining management consensus as to a remediation plan and timing completion.
While struggling to provide transparency for external auditors, miscommunications naturally run rampant between external and internal auditors, management, and control owners.
As resources become strained control executors struggle to know what they are supposed to measure.
Uncertainty grows around precision of execution, compounded by a lack of knowledge regarding the acceptable standard of documentation, while pressure from all sides muddies the purpose of the control.
The What, When & Who
of SOX Compliance
When companies consider accessing the public capital markets, three critical SOX questions need to be accounted for:
Minimum Internal SOX Spend by Companies With Revenue Over $500M
Process Level Controls at 57% of Companies With Only 1-3 Locations
Of Companies Increased Hours Spent on SOX Compliance by More Than 10% Last Year
Toppan Merrill’s intuitive, collaborative, SaaS solution maintains all business locations, processes, risks and controls. This technology, infused with our 50+ years of industry expertise, creates efficiencies, transparency, and predictability of cost.
For over 50 years, we’ve delivered end-to-end solutions to internal audit professionals that solve the many complications inherent in compliance audits. We’ve infused 100+ years of subject matter expertise from the corporate and compliance world’s Big 4 in our intuitive SOX automation solution.
Our relevant experience is unmatched. Market knowledge we provide to our clients is informed by solutions that have been tested and proven accurate.
As thought-leaders, we are known for crafting intuitive, flexible solutions. We design these solutions to work with your existing systems and adapt to your workflow (not the other way around).
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