The Sarbanes-Oxley Act, designed to place more controls on corporate accountability in an Enron era, has the potential to be bigger than Y2K in how it affects companies in every industry of every size. Companies may have been able to meet initial Sarbanes-Oxley compliance using well-defined processes and procedures, but compliance with upcoming Sections 404 (certification of financial reporting processes and controls) and 409 (real-time reporting of material events) may not be so easy. AMR Research’s recent survey of more than 60 Fortune 1000 public companies shows that CIOs are now ready for major IT investments to help bring their companies to compliance.
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