Nearly half of senior executives of U.S Multinationals say their company made only satisfactory use of technology in support of its initial Sarbanes-Oxley Section 404 compliance efforts, but major reinforcements are on their way for Year Two, according to a recent survey by PricewaterhouseCoopers.
In fact, three in four U.S. multinationals will be making significant technology changes, directed almost equally at the control environment and the compliance process, as they continue to tackle the requirements of the Sarbanes-Oxley legislation, according to the results of PricewaterhouseCoopers' latest Management Barometer, a quarterly survey of top executives at large, U.S.-based multinational businesses.
"Lots of Room for Improvement"
Forty-seven percent of executives in the survey of 131 chief financial officers and managing directors said their company's use of technology in support of Sarbanes 404 compliance was "satisfactory — with lots of room for improvement." Fewer, 38 percent, said their company did a "great" or "effective" job with technology. And 10 percent frankly identified technology as a problem area requiring major improvements, going forward.
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