Something to Consider October 2019 2
Lessons from SOX
Since SOX was established in the US, versions have been adopted across the world, not always successfully. We are aware of the drawbacks of SOX – the original implementation in the US was problematic and expensive at first, partly because of overzealous regulation and little guidance.
However, 17 years on it is widely acknowledged that reporting under SOX against the COSO framework has resulted in an overall improvement in ICFR.
So can other countries learn from the obligations and regulations that SOX entails?
The top accountancy firms, as well as investors and audit chairs think so as SOX sets the tone from the top “by placing more responsibility on CEOs and CFOs, which would improve the overall reliability of the reporting system”.
But, SOX is lacking in some respects.
One of our favourite oft-repeated phrases is there is no single silver bullet, including SOX.
To read more, you can find the article and report here
Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.