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LEARN ABOUT
SOX 404 COMPLIANCE |
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challenges with
SOX compliance |
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Challenges with Sarbanes-oxley sox 404 IT compliance
San Jose, Bay Area Sarbanes Oxley (SOX) IT Consulting Services
Challenge #1: Unique Controls
As each company is unique in size, geography, workflow and business objectives, no two control sets (or overall strategic IT plan for compliance) should be identical. Control activities (or specific IT implementations) tend to vary from company to company, but are designed to work with a pre-existing infrastructure or application set that is in use. In order to create a successful strategy to meet the required SOX guidelines, while building a foundation that can be easily maintained for future years, it is critical that the IT team assisting with SOX compliance efforts understands and acknowledges all business objectives and daily productivity goals.
Challenge #2: Maintaining Compliance
Many companies adopt a point-in-time approach to IT controls rather than an on-going project or process-based approach, causing challenges with maintaining SOX compliance after their initial audit. Often seen in first-year compliance efforts, many companies fail to keep in mind the "bigger picture" and spend their IT budget meeting only short-term goals. It is crucial to design the control architecture from the beginning of the strategic compliance planning process in order to encourage ongoing compliance year after year.
Challenge #3: Lack of Scalable Guidelines
Compliance requirements are standardized, regardless of a company's size or capital, issuing a challenge for companies with a smaller IT budget. Whether a company has a market capitalization of $45 million or $32 billion, the guidelines read the same. Many smaller publicly-traded companies struggle with a smaller budget, fewer resources and a more limited staff making it more difficult to ensure they are successful in maintaining their compliance. It remains crucial that the IT team assisting with SOX compliance efforts ensures the right balance between business objectives, IT budget, and compliance strategies.
InfinIT Consulting SOX IT Consulting Services:
Learn about our expert SOX consulting services and our methodology for creating and implementing an effective SOX plan to reach compliance year after year.
Contact us today to schedule a SOX consultation & audit.
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