EMPOWERING THE PROGRESS OF SOX INNOVATION WITH ANALYTICS AND AUTOMATION

Key takeaways from our poll

The scope, hours and costs for SOX compliance continue to increase.
Most organisations are not currently using AI in their SOX compliance programmes, but they acknowledge its potential for transformation.
There is a significant opportunity to use enabling technologies to manage SOX compliance costs — just one in three organisations currently are doing so.
Insufficient availability of skilled personnel is a significant barrier to using analytics and automation in SOX compliance — just one in five poll participants have a high level of confidence that they possess the necessary skills.
Yet, few organisations see training and development in the use of analytics and automation in SOX compliance as a high priority.

There is an urgent need among SOX professionals to ramp up the development of AI/ML skills.

Topics

Internal Audit and Corporate Governance Risk Management and Regulatory Compliance Data, Analytics and Business Intelligence Technology Enablement

Highlights

of organisations believe AI has high or moderate potential to transform SOX compliance activities.

of organisations are currently not using AI to support their SOX compliance programme.

of poll participants indicated they lack the necessary skills or have room for improvement when it comes to utilising SOX compliance technologies effectively.

of poll participants noted a moderate or significant increase in SOX compliance scope over the past year.

of poll participants noted an increase in SOX compliance internal costs over the last two years.

of audit and finance executives and leaders say IT access controls and security represent the area of the control environment in which they encounter the most challenges or deficiencies.