Integrating compliance into a company's DNA requires shifting its mind-set from project to process.
The year-one accelerated filing period for Section 404 of the Sarbanes-Oxley Act has ended. So, have CFOs put that experience behind them and moved on? Hardly. The sighs of relief emanating from corporate finance functions have been short-lived. Plenty of work awaits.
Compliance with Sarbanes-Oxley and other regulations has become a fixture on corporate to-do lists. The goal of accelerated filers during year two is to make the job as effective and efficient as possible so that ongoing compliance activities become entrenched without devouring human and monetary resources. Finance executives are now deciding on the most cost-effective methods of reaching that goal, which may include investing in automation. A select few public companies are collecting compliance best practices from all corners of their organization and implementing them on an enterprisewide basis. Some organizations have extended compliance activities to improve their financial procedures.
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