Sarbanes-Oxley Ongoing Compliance Guide: Key Processes and Summary Checklists

Issues to Consider When Optimizing Compliance

Four years after passage of the Sarbanes-Oxley Act, U.S. corporations are still grappling with the complex array of regulations and the enormous costs required to comply with them. While many gray areas remain, forward-thinking companies can reduce the burden of ongoing compliance by taking action to improve the efficiency and accuracy of their financial processes.

The following commonly reported deficiencies and compliance issues should be carefully considered when developing a monitoring and maintenance plan that will sustain compliance:

Checklist: Issues to Consider when Developing Monitoring/Maintenance Plan

	Financial Close
	This process is typically complex and involves high-risk activities, which are performed in a short time period. In many cases, organizations lack formal defined and documented processes and controls for financial close activity. Ongoing compliance is at risk in this situation. A major compliance focus is on the process of providing information reported on the financial statements. Organizations should seek to include automation wherever possible in this process, integrate the financial close and compliance processes, as well as continuously seek to strengthen financial reporting and disclosure procedures.
	Reporting ...