The survey found reported increases for SOX compliance benefits, including reduced errors in financial operations, up to 48 percent from 31 percent in 2004; empowered board audit committees through increased information, up to 40 percent from 25 percent in 2004; decreased risk of financial fraud, up to 40 percent from 33 percent in 2004; and strengthened investors' view of the company, up to 26 percent from 20 percent in 2004.

However, the increased benefits companies are experiencing do not come without their cost. In 2004, 42 percent of financial executives reported that they expected to spend less than half of what they did as compared to year-one compliance costs. In reality, only 19 percent realized the expected savings on year-two costs.

Looking forward to 2006, the survey asked financial executives to identify their goals for the year as they relate to SOX compliance. The two most popular goals involve reducing costs internally, supported by 61 percent, and externally, supported by 59 percent. Other goals are to automate manual processes with IT solutions, focus on the benefit of compliance through the quality of financial operations, and reduce both the number of key controls and the reliance on consultants. 

The report can be downloaded at www.oversightsystems.com/survey.