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Kimberly-Clark: Benefitting From SOX
By Anna Maria Virzi
2005-09-07
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Kimberly-Clark: Benefitting From SOX - ' Kimberly' (
Page 5 of 5 ) -Clark: The benefits of SOX">
The Sarbanes-Oxley Act of 2002, aimed at reducing errors or fraud in financial statements, includes a key provision requiringcompanies to identify, test and document controls over processes such as revenue recognition, payroll and accounts receivable. Afteryear-one in 2004, here are benefits some companies said they've seen.
| No. 1 |
Improvements in controls or documentation processes |
No. 1 |
| No. 2 |
Better control environment throughout the company |
No. 3 |
| No. 3* |
Strengthening of controls over computer systems |
No. 2 |
| No. 4 |
Use of risk management approaches to analyze and implement controls |
No. 5** |
| No. 5 |
Increased control awareness by process owners |
No. 4 |
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*BASELINE: Responses of 171 internal auditors on the benefits derived from documenting internal controls.
**ACTUAL: Kimberly-Clark found it already had strong controls in place, so the benefits derived from Sarbanes-Oxley varied from many other companies'.
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