Each of the primary groups impacted by SOX—Management, Public Accountants and Internal Auditors—has more clearly defined what role they play in the overall process, and this definition has been carefully and thoughtfully refined over time. And while we have reached a much more structured and stable point in the SOX lifecycle, it’s never a bad idea to revisit and refresh our understanding of why this structure works. A big reason why we find ourselves in this more predictable state is that all involved parties have a much better understanding of their specific role in the process.
The best and only advice I would ever offer to someone who may be in this situation is to resist the urge to stand pat and simply accept that you are stuck. Remember that a sunk cost is just that. You’ll never get it back. But here’s the good news: There is always an opportunity to rebound, to recover, to change course, to put your losses behind you and focus on the opportunities of the future rather than the costs of the past.