A new poll of chief information officers (CIOs) reveals that more than two-thirds of CIOs impacted by Sarbanes-Oxley (SOX) regulations want more specific guidelines about the SOX compliance process.
To date, CIOs estimate their organizations have spent just under 2% of gross revenue to comply with Sarbanes-Oxley and an average of $1,450,000 of their IT budget during the past twelve months. The poll, conducted by IDG 's CIO Executive Council, also shows the majority of CIOs believe SOX compliance costs will either increase (21%) or stay the same (49%) in Year 2.
According to Marc West, CIO of H&R Block and chair of the Council's Sarbanes-Oxley Task Force, "Following the CIO's sizeable investment in Year 1 set-up costs, it remains unclear how much money and work will be needed to maintain compliance standards in Year 2 and beyond. In addition, external auditor firms often take different approaches, leaving CIOs wondering whether they're doing too much or too little to meet the requirements. Greater clarity on the specific SOX requirements would help to level the playing field, reduce angst and assure CIOs of the long-term business benefits of their investment."
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