They include a strengthened control environment more reliable documentation increased audit committee involvement better, less burdensome compliance with other statutory regimes more standardized processes for IT and other functions reduced complexity of organizational processes better internal controls within partner companies and more effective use of both automated and manual controls. The areas of improvement go well beyond technical statutory compliance. In the view of a few open-minded firms, however, the second year of compliance turned out to be not only less costly and less onerous (as doing something for the second time usually turns out to be), but a source of valuable insights into operations, which management has translated into improved efficiencies and cost savings. The first year of implementation was costly and onerous, far more so than companies had been led to expect. In the wake of a series of gross corporate abuses around the turn of the century, Congress passed Sarbanes-Oxley, which was intended to make corporate governance more rigorous, financial practices more transparent, and management criminally liable for lapses.
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