Price of Sarbanes-Oxley Compliance Declines
Title: Price of Sarbanes-Oxley Compliance Declines
Subject: Legal
Source: Business Finance
There seems to be light at the end of the tunnel for companies that have spent large sums of money to comply with Sarbanes-Oxley's Section 404 requirements. And, as the old joke goes, it's not a train.
According to a new survey released by Financial Executives International (FEI), compliance cost corporate America less in year two of adoption than in year one. FEI polled 274 companies in the organization's fourth Sarbanes-Oxley compliance survey, 238 of which were accelerated filers with average revenues of $6 billion. This group's total average cost for Section 404 compliance was $3.8 million during fiscal year 2005, down 16.3 percent from 2004. The decline can be attributed largely to lower staff and consultant time and reduced auditors' fees.
posted by Victor Lloyd Smith @ 1:14 PM
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