SOX Study: IMA issues report on SOX compliance problems

The study, COSO 1992 Control Framework and Management Reporting on Internal Control: Survey and Analysis of Implementation Practices, assesses the views of nearly 400 experienced CFOs, controllers, internal auditors, and SOX compliance specialists at publicly traded companies, according to th Institute of Management Accountants.

Conducted by Professor Parveen P. Gupta of Lehigh University, the study was designed, the IMA says, to determine the extent to which companies are using COSO’s 1992 internal controls framework and identify the factors which inhibit a successful and cost-effective SOX compliance outcome. These factors include high-cost compliance activities, definition and use of “risk based” models, application of risk assessments (fraud, plausible, and inherent risk), integrated audits, IT controls assessments, skills gap issues, and other practical areas, according to the IMA.

COSO 1992 Control Framework and Management Reporting on Internal Control: Survey and Analysis of Implementation Practices includes an executive summary that is available free of charge.