Sarbanes-Oxley (SOX) has created a lot of extra work for CFOs, finance and IT departments. However, when the correct approach is taken to comply, enterprises can experience long-term benefits without adding substantial overhead to manage compliance.
The Foundation of Compliance
The IT infrastructure is the foundation for an enterprise's financial systems. In year one of SOX, many companies decided it was best to use one company to provide the audit effort, help with documentation and policy and procedure creation. On the surface, this was a sound decision; one provider would give the enterprise a unified set of documents and controls across IT and finance. However, for year two, many companies are reevaluating this strategy.
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