Top 12 SOX Compliance Software [2024 Updated]

.If you're an IT manager looking for the best tools to help your company stay compliant with SOX regulations, this article will help you choose the right software to fit your company's specific needs.

SOX compliance is a critical component of financial regulations for publicly traded companies. Failure to comply can result in severe penalties and legal consequences. To avoid these risks, many companies are turning to SOX compliance software to help manage and automate their compliance efforts.

SOX compliance software offers a centralized platform for monitoring and managing all aspects of SOX compliance, making it easier for companies to stay on top of their obligations. Let’s explore the top 12 SOX compliance software and how it can help your company navigate the complexities of regulatory compliance.

How To Choose SOX Compliance Software?

Choosing SOX (Sarbanes-Oxley Act) compliance software requires careful consideration of several factors to ensure it meets your organization's needs. Here's a step-by-step guide:

1. Assess Your Requirements: Determine your organization's specific compliance needs. Consider factors such as your company's size, industry regulations, the complexity of your financial processes, and any unique compliance requirements.

2. Identify Key Features: Look for software that offers essential features for SOX compliance, such as:

• Internal controls documentation and management
• Risk assessment and management capabilities
• Workflow automation for review and approval processes
• Audit trail functionality for tracking changes and user activity
• Reporting and analytics for monitoring compliance status and identifying issues

3. Evaluate User-Friendliness: The software should be intuitive and easy to use for all stakeholders involved in compliance activities, including finance teams, auditors, and executives. Conduct demos or trials to assess the user experience.

4. Ensure Integration Capabilities: Check whether the software integrates smoothly with your existing systems and tools, such as ERP (Enterprise Resource Planning) systems, accounting software, and collaboration platforms. Seamless integration reduces manual data entry and improves efficiency.

5. Evaluate Scalability: Choose software that can scale with your organization as it grows. Consider factors such as the number of users, volume of transactions, and expansion into new markets or business areas.

6. Check for Security and Compliance Standards: Verify that the software adheres to industry-leading security standards and compliance regulations beyond SOX, such as GDPR (General Data Protection Regulation) or HIPAA (Health Insurance Portability and Accountability Act), depending on your industry.

7. Consider Vendor Reputation and Support: Research the software vendor's reputation, including its track record in delivering compliance solutions and customer support. Look for reviews, testimonials, and case studies from other organizations in your industry.

8. Assess Cost Considerations: Evaluate the total cost of ownership, including initial setup fees, subscription costs, training expenses, and any additional fees for customization or support services. Consider both short-term and long-term costs when making your decision.

9. Compliance with Regulatory Changes: Ensure that the software is regularly updated to comply with changes in SOX regulations and other relevant compliance standards. Check whether the vendor provides timely updates and support for regulatory changes.

By following these steps and conducting thorough research and evaluation, you can choose SOX compliance software that effectively addresses your organization's compliance needs and supports your overall governance and risk management objectives.

Let's now explore different SOX compliance software options.

List Of 12 Best SOX Compliance Software

Listed below are some of the best SOX compliance software that will help your team enforce internal controls and conduct thorough audits of financial reports.

This way, your organization can seamlessly adhere to SOX compliance regulations and stay up to date on its evolving requirements.

But, if you need a solution that incorporates the features of SOX compliance software and automates the access review process, then Zluri’s access review can be a perfect fit.

However, if you are particularly looking for SOX compliance software, then these are some of the top recommendations:

1. Netwrix Auditor

Netwrix Auditor facilitates the analysis of user behavior and risk mitigation, granting your IT team control over changes, configurations, and access within hybrid IT environments. This SOX compliance software elevates security intelligence by identifying vulnerabilities, detecting unusual user behavior, and promptly investigating suspicious activities to address critical data security issues.

Unlike many other SOX compliance software options, Netwrix offers comprehensive visibility across the enterprise. It also furnishes the necessary evidence to demonstrate the presence of an internal control structure, ensuring the security of information systems and sensitive data, whether on-premises or in the cloud.

Features

• Access Control Monitoring: Netwrix Auditor provides detailed monitoring of user access to financial applications and data, ensuring that only authorized personnel can access sensitive information. This feature helps enforce the principle of least privilege and maintain proper segregation of duties, both essential aspects of SOX compliance.
• User Behavior Analysis: Netwrix Auditor analyzes user behavior to detect any anomalies or suspicious activities that may indicate potential fraud or security breaches. By monitoring user actions, the software helps identify and investigate deviations from normal behavior, aiding in detecting and preventing fraudulent activities as required by SOX regulations.
• Risk Assessment Reports: Netwrix Auditor's IT Risk Assessment reports help identify potential security gaps across different areas of the IT environment, including account management, security permissions, and data governance. These reports enable organizations to proactively assess and mitigate risks to data security, which is a key requirement of SOX compliance.
• Audit Trail and Documentation: Netwrix Auditor maintains a comprehensive audit trail of all activities, providing easy access to historical data and documentation for internal audits. This feature ensures that organizations have the necessary evidence to demonstrate compliance with SOX regulations, which require companies to maintain accurate records of financial transactions and controls.

Customer Ratings

• G2: 4.4/5
• Capterra: 4.5/5

2. Onspring

Onspring is a comprehensive enterprise compliance management software designed to facilitate real-time monitoring and management of policy and compliance processes. With Onspring, IT teams can generate accurate and meaningful reports while effectively overseeing vendor risk through centralized profiles, assessments, and data management.

The compliance solution within Onspring is specifically tailored to help organizations stay ahead of regulatory requirements such as SOX. It automates tests, identifies control gaps, implements mitigation plans, and generates dynamic reports in Word or PDF formats. Moreover, it fosters effective communication and coordination across the enterprise.

Features

• Policy and Compliance Process Management: Onspring facilitates the management of policies and compliance processes, ensuring that organizations can establish and enforce internal controls required by SOX.
• Real-time Monitoring: Onspring enables real-time monitoring of compliance activities, allowing organizations to promptly identify and address deviations from SOX's regulatory requirements.
• Automated Testing and Control Assessments: The platform automates tests and assessments, helping organizations to systematically evaluate the effectiveness of internal controls and identify any control gaps, as mandated by SOX.
• Centralized Visibility: The platform offers centralized visibility into compliance status through dashboards, allowing organizations to track key metrics, analysis, ownership information, and deadlines related to SOX compliance activities.

Customer Ratings

• G2: 4.7/5
• Capterra: 4.8/5

3. Workiva

Workiva is a comprehensive SOX compliance software designed to streamline all aspects of Sarbanes-Oxley (SOX) processes. It achieves this through advanced features such as built-in AI and automated PBC (Prepared By Client) requests, significantly boosting productivity and saving valuable time.

Additionally, Workiva is an integrated solution for audit, SOX, Environmental, Social, and Governance (ESG), and financial reporting, enabling seamless management of controls over non-financial data. This comprehensive approach helps build investor trust and facilitates the creation of assurance-ready ESG reporting.

Features

• Built-in AI and Automated PBC Requests: Workiva incorporates advanced features like built-in artificial intelligence and automated Prepared By Client (PBC) requests, enhancing productivity and saving significant time in SOX compliance processes. These features streamline data collection and document preparation, which are crucial aspects of SOX compliance.
• Integrated Solution for Multiple Reporting Needs: Workiva is the sole integrated solution for audit, SOX, Environmental, Social, and Governance (ESG), and financial reporting. This comprehensive approach enables organizations to manage controls over financial and non-financial data, ensuring compliance with SOX requirements encompassing various aspects of corporate governance and financial reporting.
• Risk Assessment and Scoping Management: Workiva's risk assessment feature allows seamless risk assessment performance and centralizes all aspects of scoping within the same platform used for SOX testing. This helps organizations manage risk and scoping activities effectively, aligning with SOX compliance requirements related to risk management and control scoping.
• Cloud Platform for Centralized Management: Workiva's cloud platform allows organizations to manage scoping, testing issues, and certifications in one centralized platform. This provides a unified and accessible environment for SOX compliance management, facilitating collaboration and oversight across teams and departments.

Customer Ratings

• G2: 4.6/5

4. AuditBoard SOXHUB

AuditBoard offers the SOXHUB solution, designed to simplify internal controls compliance and SOX management processes. This solution provides real-time insights, streamlines workflows, and simplifies documentation for more efficient internal control management.

Features

• Real-time Insights and Visibility: AuditBoard SOXHUB provides real-time insights and visibility into the status of internal control programs. This feature allows organizations to quickly identify issues or areas requiring attention, ensuring timely remediation and compliance with SOX requirements.
• Automation of Administrative Tasks: The software automates administrative tasks such as testing, certification, and reporting processes associated with SOX compliance. By automating these tasks, AuditBoard SOXHUB saves time and resources, allowing teams to focus on more strategic initiatives while ensuring compliance with SOX regulations.
• Document Management and Updates: AuditBoard SOXHUB seamlessly updates documents such as risk control matrices (RCMs) and issue logs, ensuring that documentation remains accurate and up-to-date. This feature helps organizations mitigate the risk of inconsistencies in documentation, which is crucial for compliance with SOX requirements regarding documentation accuracy and integrity.

Customer Ratings

• G2: 4.7/5
• Capterra: 4.7/5

5. Galvanize ControlsBond

Galvanize provides ControlsBond, a SOX compliance solution crafted to simplify internal control management. Tailored to assist companies in navigating regulations such as SOX, ITGC, ICRF, and OMB A-123, ControlsBond offers pre-built templates and frameworks for easy setup. Additionally, the software delivers real-time updates on compliance issues to keep your team well-informed and audit-ready.

Features

• Comprehensive Dashboard View: ControlsBond offers a comprehensive dashboard view that provides detailed insights into the status of internal controls, including what has been tested, what's functioning effectively, and what requires attention. This feature enables organizations to effectively manage internal controls in alignment with SOX compliance requirements.
• Customizable Reports: The software generates customizable reports of internal controls tailored for management, PMO, or external compliance auditors. These reports can be customized based on entities, processes, control status, compliance status, or specific issues, providing stakeholders with the necessary visibility to ensure compliance with SOX regulations.
• Real-time Compliance Updates: ControlsBond provides real-time updates on compliance issues, ensuring that organizations remain informed about changes in compliance requirements and issues. This feature enables organizations to proactively address compliance gaps and maintain adherence to SOX regulations by staying ahead of potential audit findings.

Customer Ratings

• G2: 4.4/5

6. MetricStream

MetricStream provides robust SOX compliance software designed to streamline compliance processes and create a centralized framework encompassing processes, controls, risks, financial accounts, assertions, evidence, and tests. The software organizes this data into hierarchies and maps relationships between different elements.

Features

• Centralized Compliance Framework: MetricStream's SOX compliance software allows organizations to create a centralized framework encompassing processes, controls, risks, financial accounts, assertions, evidence, and tests. This centralized approach facilitates efficient management and oversight of SOX compliance activities, ensuring that all relevant elements are adequately addressed and monitored.
• Automated Risk Assessments: MetricStream conducts periodic risk assessments, defines their scope, and assigns them to respective owners. This feature provides organizations with a comprehensive view of the SOX compliance program, including controls, risks, test results, control effectiveness, assertions, and frequency of control testing. By automating risk assessments, MetricStream helps organizations identify and prioritize risk areas in their compliance programs, enabling them to allocate resources effectively and mitigate potential compliance issues.
• Remediation Action Plans and Disclosure Management: MetricStream's SOX compliance software initiates remediation action plans through automated workflows upon detecting any issues. It also assesses issues marked for disclosure and directs them to the disclosure committee for recommendations and inclusion in regulatory filings. This feature ensures timely resolution of compliance issues and transparent disclosure to regulatory authorities, helping organizations maintain compliance with SOX requirements and regulatory standards.

Customer Ratings

• G2: 4/5

7. DoubleCheck

DoubleCheck’s SOX compliance management software provides a secure and centralized solution for automating your SOX compliance program. This web-based platform offers flexibility, allowing your IT team to seamlessly document processes and associated key controls, conduct assessments and tests, assign ownership, and address identified issues efficiently.

Features

• Efficient Documentation of Control Framework: DoubleCheck's SOX compliance management software provides a secure and centralized platform for documenting the control framework. This feature enables organizations to establish a clear and organized structure for managing compliance with SOX requirements, ensuring that all relevant processes and key controls are adequately documented.
• System-Managed Assessments and Testing: The platform conducts system-managed assessments or testing of control performance on either scheduled or ad-hoc bases. This feature allows organizations to efficiently evaluate control performance and measure compliance with SOX requirements, providing flexibility and adaptability to changing compliance needs.
• Real-time Compliance Dashboards and Reports: DoubleCheck's SOX compliance management software offers real-time compliance dashboards, reports, and email notifications. This feature provides visibility into control performance and compliance status, allowing organizations to stay informed about how internal controls are performing and promptly address any issues or deviations from SOX requirements.

Customer Ratings

• Capterra: 4.5/5

8. SolarWinds Security Event Manager

Solarwinds Security Event Manager (SEM) provides a robust SOX compliance management solution focused on monitoring potential threats and centralizing log repositories across network devices, applications, and systems. This software excels in identifying suspicious user, network, or application activity through real-time event correlation.

Features

• Real-time Threat Monitoring and Event Correlation: SEM monitors potential threats by centralizing log repositories across network devices, applications, and systems. Its real-time event correlation capabilities identify suspicious user, network, or application activity. This feature is essential for detecting and responding to security incidents promptly, thus ensuring compliance with SOX requirements for data security and integrity.
• Customized Compliance Reporting: SEM offers internal and external regulatory compliance reports tailored to SOX IT compliance requirements. With over 300 pre-built report templates, SEM simplifies and streamlines reporting for various regulations, including SEM compliance reporting. IT teams can effortlessly create customized reports using built-in templates and the reporting console, catering to specific SOX compliance needs and filtering data for specific recipients.
• Electronic Audit Trail: SEM provides an electronic audit trail that systematically collects and monitors activities spanning networks, databases, applications, and user interactions. This capability enhances transparency and accountability by allowing comprehensive tracking of events essential for SOX compliance. The audit trail ensures that all relevant activities are recorded, aiding in compliance audits and investigations.

Customer Ratings

• G2: 4/5
• Capterra: 4.7/5

9. FloQast

FloQast offers a comprehensive SOX compliance software solution designed to streamline audit processes efficiently, enhance accountability, and ensure constant readiness for audits. This solution simplifies the assignment of checklist items, attachment of relevant documents, and centralization of collaboration, enabling IT teams to focus on executing controls while organizing and safeguarding audit support systematically.

Features

• Efficient Checklist Management: FloQast simplifies the assignment of checklist items, attachment of relevant documents, and centralization of collaboration. This feature streamlines the audit preparation process, allowing organizations to effectively manage and execute SOX controls while systematically organizing and safeguarding audit support documentation.
• Shifted Accountability to Control Owners: FloQast enables accountability to be shifted to control owners, eliminating the need to chase down status updates each reporting period. Intelligent checklists ensure that responsibilities are clearly defined, contributing to a more efficient and accountable audit management process in alignment with SOX compliance requirements.
• Real-time Updates and Document Attachment: FloQast provides real-time updates on control responsibilities, sign-offs, and due dates, enhancing transparency and accountability. It allows for directly attaching supporting documentation to controls, ensuring that all relevant information is readily accessible during audits. This feature facilitates compliance with SOX requirements by providing auditors with comprehensive and up-to-date documentation.

Customer Ratings

• G2: 4.7/5
• Capterra: 4.9/5

10. ManageEngine EventLog Analyzer

MangeEngine EventLog Analyzer is an advanced SOX compliance software designed to enable organizations to conduct in-depth auditing of internal controls across the network, thereby aiding compliance with section 404 of SOX. This software provides SOX compliance reports, simplifying regulatory procedures and ensuring adherence to SOX requirements.

Features

• User Access Monitoring: EventLog Analyzer enables organizations to monitor user access to systems, addressing the requirements of Section 302(a)(4)(A), (C), and (D) of SOX. It tracks various activities such as logon and logoff events, privileged user access, unsuccessful login attempts, system events, and successful or unsuccessful user account validations. This feature helps organizations ensure compliance with SOX regulations related to monitoring and controlling access to sensitive information and systems.
• Abnormal Behavior Detection: The software includes capabilities to promptly detect abnormal user behavior, aiding in compliance with SOX requirements for identifying and mitigating data security and integrity risks. EventLog Analyzer helps organizations detect potential security incidents or unauthorized access attempts by monitoring and analyzing user activities, enabling timely response and mitigation actions.
• Advanced Forensic Analysis: EventLog Analyzer offers advanced forensic analysis capabilities for conducting comprehensive SOX compliance audit trails specifically for log accesses. This feature ensures the integrity of logs and identifies any potential tampering, enhancing the reliability and accuracy of audit trails required for SOX compliance. By providing detailed insights into log accesses, the software helps organizations maintain compliance with SOX requirements to ensure the integrity and authenticity of audit logs.

Customer Ratings

• G2: 4.5/5
• Capterra: 4.8/5

11. OneTrust

OneTrust, a SOX compliance software, offers a comprehensive SOX compliance software solution designed to meet the complex needs of financial reporting, whistleblower protection, and training facilitation. This software enables organizations to seamlessly manage financial report policies and procedures, and customize training programs with expert-level content tailored to their mission and values, and gain deeper insights into the success of employee ethics training.

Features

• Financial Report Policy and Procedure Management: OneTrust enables organizations to seamlessly manage financial report policies and procedures, ensuring compliance with SOX requirements related to financial reporting. This feature allows organizations to establish and maintain robust controls and processes for financial reporting, helping to mitigate the risk of financial inaccuracies and fraud.
• Customized Training Programs: OneTrust allows organizations to customize their training programs with expert-level content tailored to their mission and values. This feature helps organizations meet SOX requirements for employee ethics and compliance training, ensuring that employees are equipped with the knowledge and skills necessary to fulfill their responsibilities under SOX regulations.
• Investigation Standards and Case Management: OneTrust helps mitigate regulatory non-compliance by enforcing investigation standards and establishing a clear process for recording essential information throughout the case management process. This feature ensures that organizations adhere to SOX requirements for investigating and addressing internal control deficiencies, whistleblower complaints, and other compliance-related issues.

Customer Ratings

• G2: 4.5/5
• Capterra: 4/5

12. EKran

Ekran is a leading SOX compliance software solution that offers continuous monitoring of user activity, aiding your IT team in understanding how users handle sensitive data and tracking changes in documentation to maintain a vigilant stance on security. Additionally, Ekran provides a granular access control toolset, enabling IT teams to take control of access to financial resources.

Features

• Continuous Monitoring of User Activity: Ekran offers continuous monitoring of user activity, providing organizations with insights into how users handle sensitive data. This feature aids in compliance with SOX requirements related to data security and internal controls by ensuring visibility into user actions and detecting any unauthorized access or suspicious behavior.
• Risk Identification and Assessment: Ekran goes beyond simple monitoring by identifying and assessing risks originating from user activities. By analyzing User Activity Monitoring (UAM) records, Ekran enables organizations to proactively identify and mitigate risks, helping ensure compliance with SOX regulations and enhance overall security posture.
• Real-time Alerts and Notifications: Ekran provides predefined and customizable alerts that enable organizations to detect potential security violations in real-time. These alerts help IT teams promptly respond to security incidents, unauthorized access attempts, or other anomalies, mitigating security risks and ensuring compliance with SOX requirements for timely detection and response to security incidents.

Customer Ratings

• G2: 4.8/5
• Capterra: 4.7/5

SOX Compliance Software: A Must Have To Prevent Fraudulent Financial Practices

To conclude, the top 12 SOX compliance software offers a diverse and robust selection, each equipped with unique features tailored to meet the specific needs of organizations striving for seamless adherence to Sarbanes-Oxley compliance. Whether it's scalability, user-friendliness, real-time monitoring, or comprehensive risk assessment, these software solutions provide a comprehensive toolkit for navigating the complexities of financial reporting requirements.

However, it's crucial to acknowledge that Sarbanes-Oxley (SOX) compliance is just one aspect of the regulatory landscape. Numerous other compliance regulations also demand attention and adherence.

Fortunately, solutions like Zluri's access review make it easier to comply with stringent regulatory requirements and stay updated on evolving needs. This advanced solution thoroughly conducts assessments of access rights, ensuring that only authorized users have access to apps and data, thereby protecting sensitive data from potential malicious attacks.

Also, by conducting assessments, you can effectively meet other mandatory regulations requirements like HIPAA, SOC 1 and 2, SOX, and ISO 27001.

Not only that, it takes a step further by implementing security access policies such as Segregation of Duties (SoD) to ensure data integrity, which also acts as a strategic step to adhere to regulatory requirements. Furthermore, to provide external auditors with compliance adherence proof, Zluri documents the entire audit process and generates curated UAR reports. This report serves as evidence that all the requirements stated by compliance regulations are fulfilled without fail, providing transparency and accountability in the compliance journey.

FAQs

1. What Are The Key SOX Controls?

SOX outlines four critical aspects of controls: access, IT security, data backup, and change management. In order to adhere to SOX compliance, all these aspects must be addressed.

2. What Is SOX Audit?

A SOX audit mandates organizations to perform an annual audit of financial statements. This audit is designed to authenticate the company's financial statements and the procedures used to create them.

3. What Penalties Are Imposed On SOX Non-Compliance?

Apart from potential lawsuits and adverse publicity, individuals failing to comply or providing inaccurate reports may face fines of up to $1 million and a prison term of 10 years. For intentional wrongdoing, fines can escalate to $5 million, accompanied by a 20-year prison sentence.