Let’s face it. Compliance with the Sarbanes-Oxley Act isn’t a one-shot deal. With companies expected to spend $80 billion on compliance initiatives in the next five years, CPAs and other financial executives face ongoing regulatory pressure. Some days it must seem they are navigating a strange sort of alphabet soup thanks to rules from the SEC, the IRS, NYSE and FASB, not to mention laws and standards popularly know as Basel II, HIPAA and SOX. Because so many of these regulations involve a company’s financial activities, CPAs are uniquely positioned to take a lead role in developing a comprehensive approach to complying with them.
It is the latest of these laws—Sarbanes-Oxley—that has been a catalyst for many companies to search for a better way to manage these demands. Some entities have begun doing so on an enterprise-wide basis by coordinating and integrating compliance into all facets of the business, not only to streamline the process but also to improve operational efficiency and manage the company better. In many cases it is the sheer scope and breadth of Sarbanes-Oxley that is driving the effort.
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