disadvantages of flowcharts in SOX process?

1 Answer

Relevance
  • 1 decade ago
    Favorite Answer

    It would seem that the maleable, frequently-changing dynamics of the factors involved would make it both time-consuming and quickly obsolete.

    " When the dust began to settle from a

    flurry of corporate accounting scandals that plagued the United States

    between 2001 and 2003, the Sarbanes-Oxley Act of 2002 hit the books. In the

    rush to meet the law's looming deadline requirements, many companies

    focused on compliance rather than long-term sustainability of their

    certification program, says Michael S. Hugh. His new book, "Sustained SOX:

    A practical guide for implementing a sustainable Sarbanes Oxley process -

    Volume I of III" (now available through AuthorHouse), focuses on the

    critical elements required to develop a sustained SOX program.

    "Many companies established a special project team to develop,

    implement and assess the required internal control framework because of the

    short implementation date required by the law," Hugh explains. "This team's

    primary focus was compliance and ... in year two of the certification, many

    organizations discovered that the SOX effort was not sustainable without

    the right process - and because of this they incurred unplanned and

    unwelcome additional expenses."

Still have questions? Get your answers by asking now.