No question, the governance landscape has been reshaped dramatically by the Sarbanes-Oxley Act (SOX), which was introduced in 2002, write Craig Clay, President of Global Capital Markets at Donnelley Financial Solutions, and Daniel Kim, Executive Vice President of SOXHUB, in the most recent edition of Accounting Today.In an article titled "Sarbanes-Oxley: 15 Years of Successes and Challenges," Clay and Kim note that SOX forced companies to be disciplined and to adopt internal control environments that focused on "areas of real risk rather than a catch-all approach." That said, they also point out that emerging and ongoing challenges, such as cyber-security, continue to appear. And many businesses still find that the time it takes to comply with SOX and the cost of doing so create challenges.
