Dragging your feet on accounts payable transformation not only makes your financial operations less efficient, it makes your Sarbanes-Oxley compliance process more burdensome.
That’s according to the results of a new study by global consulting firm Protiviti.
Seventeen years after Sarbanes-Oxley became law, many businesses struggle to remain compliant. In fact, businesses are spending more time on Sarbanes-Oxley compliance – adding to the already significant costs of compliance. Fifty-nine percent of businesses surveyed by Protiviti are spending at least 10 percent more time this year on Sarbanes-Oxley compliance compared to 2018.
One reason that Sarbanes-Oxley is such a time-consuming and costly burden for many businesses is that 47 percent of them still rely on inefficient compliance processes and oversight, Protiviti says.
"With [Sarbanes-Oxley] hours and control counts on the rise, coupled with increasing pressure from the [Public Company Accounting Oversight Board], audit professionals are at a critical juncture,” says Andrew Struthers-Kennedy, managing director and leader of Protiviti’s IT and audit practice.
Businesses are waking up to the fact that they need to transform their processes to streamline compliance. Protiviti finds that businesses are making better use of digital technologies such as automated process approval workflow, data analytics, access controls and segregation of duties.
IPS Productivity Wrx℠ delivers all these capabilities in an advanced highly secure platform.
Moreover, IPS Productivity Wrx:
- Tracks document history and approvals
- Ensures that employees adhere to approval policies
- Provides chain of custody assurances
- Makes audit information readily available
- Prevents documents from being discarded or destroyed ahead of deadlines
These features make compliance processes and oversight less burdensome.
Many businesses still have a long way to go towards an efficient Sarbanes-Oxley compliance program. The good news is that the technology required to ease the Sarbanes-Oxley compliance process is here!
To learn how IPS Productivity Wrx℠ can help your business comply with Sarbanes-Oxley, contact IPS today!