Almost two-thirds of US companies have accepted Sarbanes-Oxley as part of their wider approach to corporate governance while 30% still view the requirements as a separate goal. This is the finding from PricewaterhouseCoopers? latest management barometer report. The majority of surveyed corporates stand in agreement. Sixty-two per cent have integrated Sarbanes-Oxley into their regulatory compliance processes, while over a third have yet to do so.
Dan DiFilippo, a partner for governance, risk and compliance at PwC, comments: ?Integrating the requirements of Sarbanes-Oxley compliance into ongoing corporate governance and regulatory activities, rather than managing compliance with the law as a separate task, offers the potential for improved business performance in both the short and long term.?
Despite numerous reports surrounding the increased costs imposed by Sarbanes-Oxley, 56% of corporates say they do not track or report internally on the costs involved. ?Given the early outcry about Sarbanes-Oxley?s added costs, it?s surprising that most companies do not document and track this expense,? adds DiFilippo. ?However, many companies have only recently begun to understand the types of costs and value associated with compliance efforts.?
The PwC management barometer is a quarterly survey carried out in the US; this survey is based on interviews with 152 CFOs and managing directors of US companies.