How to Control Your SOX Compliance Costs
Given the challenges of the COVID-19 pandemic, your organization may be asking how to maintain and improve your internal controls after this unprecedented time.
Consider new opportunities to enhance or rethink your organization’s current processes and, as such, rework how to execute your SOX program.
Below, learn how to mitigate the cost and impact of SOX on your organization after navigating a time of intense disruption, and how this could help you prepare for any potential downturn in the future.
The article covers the following questions and includes a checklist:
- What Are SOX 404 Controls?
- How Did COVID-19 Change Work Environments and Potentially Affect SOX Costs?
- What Common Mistakes Can an Organization Make in Its Internal Control Environment?
- How Can an Organization Avoid Mistakes in Its Internal Control Environment?
- How Does an Organization Take a Top-Down Approach to Internal Controls Compliance?
- How Can Your Organization Refine Evidence to Support Assertions?
- A Checklist of Next Steps
What Are SOX 404 Controls?
Section 404 of the Sarbanes-Oxley (SOX) Act of 2002 often makes compliance extremely difficult and expensive. Among other requirements, SOX 404 means organizations must have a reliable and effective internal control structure including reports of any failures to comply.
Additionally, registered external auditors must verify all of the above is true.