Compliance requirements serve an important role in many industries, and the Sarbanes-Oxley Act is no different. However, just because these standards exist, doesn't mean that all American businesses must submit to audits of their internal financial controls. However, it may be beneficial for all companies to conduct necessarily a good thing. For example, the news provider stated that the Government Accountability Office found 64 percent of financial restatements between 2005 and 2011 stemmed from exempt enterprises. Meanwhile, exempt businesses that opted to still use audit solutions made fewer restatements.
The Global Association of Risk Professionals pointed out that a survey by Protiviti showed that while it can initially be costly to come into compliance with Sarbanes-Oxley, organizations do generally see the long-term benefits of following these guidelines as outweighing the initial budgetary strains. Additionally, 70 percent of respondents asserted that their internal financial controls had improved since achieving compliance.