Public companies are confronting significant new compliance challenges from a combination of Sarbanes-Oxley requirements, Public Company Accounting Oversight Board inspections of their auditing firms, and COSO’s new internal control framework, according to a new survey.
The survey, by the consulting firm Protiviti, polled more than 600 audit executives and professionals and found that 48 percent of the respondents said their organization has yet to begin applying the new internal control framework from the Committee of Sponsoring Organizations of the Treadway Commission to their key controls. More than half (52 percent) of those who indicated they have begun to implement the COSO framework reported that this effort will increase the amount of resources their organization devotes to SOX compliance.
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