While corporations have dealt with SOX for over 15 years, you may assume that most would have a well-managed and optimized process in place by now and would be experiencing a decrease in annual resource requirements. However, a recent report indicates that hours spent on SOX compliance activities by the majority of corporations have increased year-over-year, with most spending $1–2 million annually in directly identifiable costs.
There are several factors that are driving this. For one, PCAOB guidance for audit firms has resulted in more work being required by control owners. Many organizations have also identified at least 30 entity-level controls and hundreds of key process-level controls. Updating documentation and re-evaluating and testing controls is no simple task-the question is whether organizations are doing enough to optimize their approach and to make these processes as efficient as possible.
While maintaining SOX compliance has allowed many organizations to strengthen the integrity and quality of their financial reporting systems, including fraud and error reduction, leading corporations are already embracing more efficient and cost-effective solutions to meet the ongoing SOX challenge.
In this webinar, John Verver, CPA CA, CISA, CMC, will share how you can cost effectively fine-tune your SOX program by:
- Improving collaboration among all three lines of defense
- Increasing automation throughout the control process
- Applying data analytics to test controls
About the Speaker:
John Verver, CPA CA, CISA, CMC is a Consultant and Advisor to ACL. He is an acknowledged thought leader, writer and speaker on the application of data analysis technology in audit, fraud detection, risk management and compliance. He is recognized internationally as a leading innovator in continuous controls monitoring and continuous auditing and as a contributor to professional publications. He is currently an advisor to ACL, where he has also held vice president responsibilities for product strategy, as well as ACL’s professional services organization. Previously, John was a principal with Deloitte in Canada.
Phil Shomura is a Senior Product Manager at ACL. He is a seasoned product expert with a passion for bridging customers’ needs with technology solutions. At ACL, Phil leads the execution of go-to-market strategies for ACL’s cloud-based Data-Driven Governance platform. His responsibilities include performing market analysis on how ACL addresses the evolving needs of Governance, Risk & Compliance Professionals.
