Benefits of Implementing SOX include:
- A more engaged control environment – with active participation by the board, the audit committee and management.
- More thoughtful analysis of monitoring controls, along with recognition that monitoring is an integral part of the control process.
- More structure year-end closing process and recording of journal entries Thus recognizing the extent to which theses areas have increased in complexity.
- Implementation of anti-fraud activities with defined processes in place, including responsibility for follow-up by defined parties and resolution approaches.
- Better understanding of the risks associated with general computer controls, and the need to improve both control and audit procedures to gain assurances that the risks associated with computer systems are mitigated.
- Improved documentation of controls and control processes that can serve as the basis for training practical day-to-day guidance and management evaluation.
- Improved definition of controls and the relationship of controls and risk across the organization.
- Control parameters becoming embedded into the organization with a broader understanding by operating personnel and management of their responsibility for controls.
- Improvements in the adequacy of the audit trail as a basis to support operations as well as to support audit assessment of control adequacy and financial reporting.











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