How SOX has sparked a global revolution in financial governance

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Abstract

When the United States Congress passed the Sarbanes-Oxley Act in 2002, one of its primary objectives was to rebuild public confidence after a series of major corporate accounting scandals. Over the past six years, however, it has become clear that this single, highly disputed piece of national legislation has sparked a global revolution in the way that companies manage their financial and IT processes.
As the dust caused by this whirlwind of new regulations slowly begins to settle, corporate needs and attitudes are maturing. Although many still view compliance as a necessary evil, companies also know that merely checking off a list of requirements will not help them sell products, pay employees or increase the value of corporate stock either. Many companies, therefore, are now seeking more cost-effective and sustainable alternatives for their second-generation compliance solutions.