Companies in compliance with the requirements of the Sarbanes-Oxley Act are less likely to become victims of corporate fraud, according to a recently released survey from a leading control management vendor.
The Approva survey, which interviewed 200-high level finance, internal audit and IT executives at leading public companies, also found that most companies are not using automation software to achieve SOX compliance.
Julie Bacon, vice president of marketing for Approva, told SCMagazine.com today that she thought more companies would already be using automation software.
"I think the thing that was really surprising was to see how many people have yet to automate. We're seeing that number increase and I think the cause for that is that when you have an impending deadline, you just try to get it done, and now they think that there must be an easier way," she said. "We're continuing to see this number go up."
Among the survey's other findings were:
- More than eight of 10 companies that currently use software to automate their controls said their investment will provide value beyond SOX compliance;
- Seventy-two percent of companies use no automation software solution;
- Forty-seven percent of companies say SOX has been successful in helping to prevent corporate fraud.
- Nearly a third of companies that test more than 20 different applications believe investor confidence has increased since SOX was introduced four years ago.
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