Sarbanes-Oxley and the IT Organization: A Survival Guide for Year Two
As enterprise finance and IT organizations are well aware, 2004 was the first year of mandatory compliance with Sections 302 and 404 of the Sarbanes-Oxley Act. Adhering to Sarbanes-Oxley audit standards has been an expensive endeavor. Some analysts estimate that in 2004, companies typically spent $1 million on Sarbanes-Oxley compliance for every $1 billion in revenue. To date, much of the spending on Sarbanes-Oxley compliance has focused on two major areas: auditors (internal and external) and outside Sarbanes-Oxley advisory consultants.