We Need Synergy in IT SOX Compliance
Sarbanes-Oxley (SOX) compliance requires more than just checking financial controls. It demands a seamless partnership between IT and business process auditors. Yet, many organizations still operate these functions in silos, leading to inefficiencies, compliance gaps, and even audit failures because no one has a complete view of the SOX program. Organizations must foster synergy between IT and business process auditors to ensure a robust SOX program. Luckily, we have a solution.
The Growing Importance of IT SOX Compliance
SOX compliance was initially focused on financial controls, but IT systems play a fundamental role in financial reporting in the digital age. The accuracy and integrity of financial statements are only controlled if all of the systems underpinning the data are controlled. Without proper IT controls, business process audits can miss critical risks such as:
Unauthorized access to financial systems
Weak change management processes
Ineffective segregation of duties
Data integrity issues due to system misconfigurations
Simply put, business processes cannot be effectively audited without evaluating the IT controls that support them.
Where the IT SOX Disconnect Happens
Despite this interdependence, IT and business process auditors often work separately. Here’s where breakdowns typically occur:
Lack of Common Language – IT auditors focus on cybersecurity, access controls, and system configurations, while business auditors prioritize operational risks and financial accuracy. Without a shared understanding, crucial risks can be overlooked.
Siloed Testing Approaches – IT controls and business process controls are often tested independently, leading to duplicate efforts or, worse, gaps in coverage.
Failure to See the Bigger Picture – Business auditors may not understand how IT system failures impact financial reporting, while IT auditors may not grasp the financial significance of system weaknesses.
The Solution: A Synergized Audit Approach
A truly effective SOX audit requires IT and business process auditors to work together. Here’s how organizations can build this synergy:
Joint Planning & Risk Assessment: Both teams should collaborate during the planning phase to identify areas where IT and business processes intersect.
Cross-Training: IT auditors should understand financial reporting, while business auditors should learn the basics of IT controls.
Integrated Testing: IT and business controls should be tested together instead of separate audit processes to ensure a more holistic evaluation.
Continuous Communication: Regular touchpoints between IT and business process auditors help bridge knowledge gaps and align objectives.
Elevate Your IT SOX Audit Skills
Building synergy between IT and business process auditors isn’t just a best practice—it’s essential for SOX compliance. If you want to develop the skills needed to break down silos and drive more effective audits, then the SOX Synergy course is the perfect next step.
Led by experts in the field, this course provides practical strategies to bridge the IT-business audit gap, ensuring a more efficient and comprehensive SOX compliance process. Sign up today and take your IT audit skills to the next level!
