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SOX Compliance: Time Running Out on SEC Survey
The SEC Advisory Committee on Smaller Public Companies is asking executives to comment on the impact of the Sarbanes-Oxley Act by August 31, 2005.
Executives from Small and Medium-sized Enterprises (SMEs) should watch very carefully for the results of this survey. Currently, the potential costs associated with SOX compliance can negatively impact IPO or M&A plans. Strategic investors are very wary of acquiring interests in companies that have not invested in SOX programs.
The SEC could authorize
the development of Semantic web-based process control strategies for compliance
management. These strategies would greatly reduce the storage costs associated
with SOX compliance. The current brute-force regime relies on storing enormous
amounts of data and after-the-fact inspections to determine compliance. The
business world learned from Dr. W. Edward Deming that process quality has
to be engineered. Hopefully, the SEC will learn the same lesson.
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