Now that the end of the initial compliance phase of Section 404 of the Sarbanes-Oxley Act is upon us, can organizations rest easy? According to a recent survey, the real work remains to be done.
Ventana Research sees the issues of compliance, audit, and control entering a new phase. In our judgment, the post-scandal period that drove the passage of the Sarbanes-Oxley Act (SOX) is coming to a close. For the past two years, all U.S. public companies -- and even some others that have no legal obligation -- have been scrutinizing and correcting their financial control systems to comply with Section 404 of the act (by far the most onerous element of reform for a public company). For most of these companies, the distraction and anxiety associated with meeting the act's requirements will dissipate over the next couple of months as they complete their initial compliance phase.
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