The impact of Sarbanes-Oxley is still being felt by chief financial officers striving to see it as a blessing. One benefit is that SOX forces many companies to pay attention to the "stuff in the back room," says Devon Energy Corp. CFO Brian Jennings. He was among panelists at the recent KPMG energy conference in Houston. "404 really is a beneficial process," Jennings said. "The first thing you focus on as a company, especially post-acquisition, is functionality. You make sure it's producing and that things are being filed correctly. You promise that you'll get to the back-room stuff, but you don't always do [so]. "SOX brought that promise to the forefront. On the margin, it makes people more comfortable with your stock." One of the most drastic changes SOX prompted was the restructuring of most companies' internal controls. Chris Gaut, CFO for Halliburton, said, "We looked at our organization and created a new department in the finance group. We wanted it to be a center of excellence for compliance and internal-control efforts. My role was to set the tone and emphasize the importance of these steps. "Senior members of our financial team traveled to our different locations and made sure that importance continued to be emphasized and the necessary resources allocated." At Royal Dutch/Shell, SOX helped add structure to the traditionally fragmented company. Its dual management teams are merging into one parent, and Peter Voser, CFO, said SOX helped put finance in the driver's seat of the new management system. "Enterprise-first thinking and culture are the goals," Voser said. "The group must come before the individual businesses. We are driving away from optionality toward a clear, accountable culture...." In addition to embracing SOX mandates, Voser said the company is focusing on rebuilding its finance foundation and reducing overall costs. "Given our fragmented structure, we see 404 in two ways. It will drive change to standardization and it will develop company value and leave a better business at the end of the day." One end result will be greater efficiency, he added: CFOs will be able to focus on higher-risk company activities instead of low-risk areas that can be managed via air-tight compliance. Jennings said, "404 will not mandate a different tone at the top levels of successful companies. Such companies have managements that value honesty and transparency. While the pendulum has swung toward more disclosure, it remains to be seen whether that disclosure is valuable." One of the loudest complaints about the regulation is the way it forces new demands on financial employees' time. "It's true that more time that was spent on review and planning is going to compliance," Gaut said. Jennings added, "But it's key that you delegate more of it. It really helps to surround yourself with bright people." Energy finance is not a one-man job. "There's no way you can do this yourself, so get an excellent team," Gaut said. "And set your priorities. Know who you're trying to serve and build strong relationships with your board and operations...." Voser added, "Show leadership, foster teamwork and insist on accountability...and get some sleep now."