After four years of focusing on Sarbanes-Oxley compliance, internal auditors are finally starting to feel like they can give their attention to other matters, according to a recent study.
The study, a survey done by the consulting firm Protiviti, found that 40 percent of internal audit departments have been able to decrease the amount of time they spend on SOX compliance activities. Many credit new guidance published last year by the Securities Exchange Commission and the Public Company Accounting Oversight Board to lessen the burden of compliance with SOX’s dreaded Section 404, which requires companies to document and test their internal controls over financial reporting.
