What SOX means to CFOs - Sarbanes-Oxley - chief financial officer - Brief Article

California CPA, June, 2003

As Sarbanes-Oxley begins to make itself felt, corporate finance professionals are wary of their company's readiness--and of the acts effectiveness. A survey of 100 U.S. senior finance professionals found that:

29% said their companies are in full compliance with SOX

5% said they need more than a year to reach full compliance

58% say that the CFO bears primary responsibility for overseeing compliance

6% agree SOX will ensure fewer corporate scandals based on accounting practices

Source: Parson Consulting