The current age of increased regulation and regulatory compliance requirements comes at a cost for public companies. Since the Sarbanes-Oxley Act of 2002 was passed, companies have dedicated hundreds of hours and spent thousands of dollars each year complying with the Act and subsequent legislation.
Given the current economic climate, many finance departments have already spread their employees too thin, and thus may not have the bandwidth to update their own documentation and perform their own testing. As a result, SOX compliance costs are not decreasing as quickly as many companies would like. The following practical suggestions can help you reduce SOX-related costs.
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