The challenges of low staff levels and the Sarbanes-Oxley Act (SOX) Compliance solutions for small to medium business.
Lately, we have seen an influx of questions surrounding SOX Compliance and the best way for small to medium businesses to manage the process.
Australian companies acquired by an American Organisation must adhere to SOX Compliance, which involves delegating the duty to mitigate potential risk and fraud.
The challenges facing small to medium businesses is the delegation of duties/splitting of roles with low staff numbers per branch. An example would be if one person that acts in a dual role capacity raising purchase orders and completing a goods receipt activity.
There are multiple ways to address these challenges, including using AP automation or developing a centralised support team to manage the data entry.
Fundamentally don’t be afraid to outsource SOX Compliance roles through consultancies that can provide automated system solutions, process design, or delegation activities.