S. through even 2009. The exponential growth of Indian outsourcing companies who have expertise in Business Process Management (BPM) have correspondingly seen an increase in their business, as many smaller American publicly-held companies do not have the people or the expertise to get their processes, systems, it plans and accounting and reporting functions in compliance to the SOX standard in any meaningful period of time (Radtke, et.al.) as a result many accounting professionals also must manage outsourcing contracts with companies who specialize in BPM and SOX process-redefinition. Finally there is also more concentration on oversight at the corporate level, with companies including Boeing having a Chief Compliance Officer who reports directly to the CEO to ensure GRC Initiatives gain the necessary resources to be effective. Accounting and auditing will continue to be significantly influenced by SOX for the foreseeable future as the need for compliance grows.
Conclusion
The accounting and auditing professions will continue to undergo fundamental changes in the auditing, financial and managerial accounting areas as the impact of SOX and other compliance legislation globally impacts these professionals. The role of GRC as a strategic initiative translates into greater opportunities for accountants and auditors, yet at the same time places a greater level of responsibility and depth of training as well. There is also the need for a much higher level of business process knowledge within the accounting and auditing professions to ensure they can continue to re-architect the processes and systems in companies to ensure they stay in compliance over the long-term. Knowledge of how to manage outsourcing partnerships and contracts, in addition to defining...
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