Sarbanes-Oxley Impact on Auditing the Thesis

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S. through even 2009. The exponential growth of Indian outsourcing companies who have expertise in Business Process Management (BPM) have correspondingly seen an increase in their business, as many smaller American publicly-held companies do not have the people or the expertise to get their processes, systems, it plans and accounting and reporting functions in compliance to the SOX standard in any meaningful period of time (Radtke, et.al.) as a result many accounting professionals also must manage outsourcing contracts with companies who specialize in BPM and SOX process-redefinition. Finally there is also more concentration on oversight at the corporate level, with companies including Boeing having a Chief Compliance Officer who reports directly to the CEO to ensure GRC Initiatives gain the necessary resources to be effective. Accounting and auditing will continue to be significantly influenced by SOX for the foreseeable future as the need for compliance grows.

Conclusion

The accounting and auditing professions will continue to undergo fundamental changes in the auditing, financial and managerial accounting areas as the impact of SOX and other compliance legislation globally impacts these professionals. The role of GRC as a strategic initiative translates into greater opportunities for accountants and auditors, yet at the same time places a greater level of responsibility and depth of training as well. There is also the need for a much higher level of business process knowledge within the accounting and auditing professions to ensure they can continue to re-architect the processes and systems in companies to ensure they stay in compliance over the long-term.

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Knowledge of how to manage outsourcing partnerships and contracts, in addition to defining Service Level Agreements (SLAs) and how to negotiate for the best solution to a business process problem are all issues that auditing professionals need to understand and use their skills to address. There is also the need to understand how global GRC initiatives that are just beginning to impact other nations will influence auditing standards in the U.S. today and for decades to come. All of these factors will lead to the role of auditing being much more strategic and focused on how to trim excess process waste and expenses, in addition to managing just to a given variance or cost analysis. The role of auditors will also grow given the fact that globalization is forcing costs to the forefront of many companies, and the need for having an accurate measure of just how much is being saved is critical. The need for moving away from a myopic mindset to a strategic one is essential in auditing today......

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