Automation leads to efficiency and lower costs.
Companies are still struggling with their programs to comply with the federal Sarbanes-Oxley Act on financial and accounting disclosure, now in its third year. A benchmarking study sponsored by Parson Consulting, a financial-management consulting company and the APQC, an international non-profit research organization, finds that despite robust internal-control practices, many organizations are having difficulty keeping their ongoing compliance costs at a reasonable level. Smart companies, however, are keeping costs down and maintaining top-notch compliance programs.
The Parson Consulting and APQC benchmarking initiative is part of the Open Standards Benchmarking Collaborative (OSBC) research to assist financial executives in evaluating their internal controls, specifically relating to Sarbanes-Oxley compliance.
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