More than one-third of CXOs are still vexed by with the Sarbanes-Oxley Act compliance, which among other things, requires CFOs and CEOs to personally certify the accuracy of their companies' financial results, says a new survey.
The survey of 300 executives sponsored by Protiviti found that 34 percent cite financial results certification and internal controls as the act's most challenging provisions.
Forrester Research analyst Michael Rasmussen says complying with the act is impossible without addressing security issues, from management of document access to database security to document storage and backup.
Sarbanes-Oxley goes into effect next summer, but many companies are taking action now, the survey says, with 27 percent already changing policies regarding retention of digital and paper documents. CFOs also have a wide range of expectations about what complying with the act will cost, with estimates ranging from $10,000 to more than $1 million per company-depending on the size of the organization.