Sarbanes-Oxley - Progress is Painfully Slow

The Sarbanes-Oxley Forum (http://www.sarbanes-oxley-forum.com) reports that more than 50% of firms still haven't developed firm plans to become compliant with the Sarbanes-Oxley Act.

(PRWEB) June 8, 2004 -- The Sarbanes-Oxley Forum (http://www.sarbanes-oxley-forum.com) reports that more than 50% of firms still haven't developed firm plans to become compliant with the Sarbanes-Oxley Act.

Their onsite survey, of over 1000 different organizations, produced the following results:

Not Started 18.8%
Just Beginning Research 36.4%
Plan Created and Ready to Go 16.0%
Changes Being Implemented 17.7%
Almost Compliant 7.1%
Fully Compliant 4.1%

The major positive in this generally bleak picture is that the figures have slightly improved over the last month or two. The results for the most recent 500 returns, are as follows:

Not Started 18.7%
Just Beginning Research 32.3%
Plan Created and Ready to Go 15.2%
Changes Being Implemented 20.9%
Almost Compliant 8.3%
Fully Compliant 4.5%

The shift to action may well be small, but the trend is clear. However, with deadlines having been recently moved back by some months, it will be interesting to see whether this continues. The clock, however, is still ticking!

# # #