Sarbanes-Oxley “Tax” Increases in 2005

Income Tax
Originally uploaded by governancefocus.

Total Savings from Automation: 26,700 Hours and $1,200,000

In 2004, the Sarbanes-Oxley Act “taxed” companies in billions of dollars. To comply, companies paid for consultants and incremental staff to define and document the control environment and perform initial tests and evaluations. Now in 2005, the challenge is greater. Companies must “operationalize” the control environment. Even after companies recognize that they may have actually over-documented the environment, the incremental need for regular testing, evaluation and remediation actually increases the overall workload for control activity management.

See full Article.