SOX Compliance Costs Fall


 

 

 

 

 

CAREERS AND RECRUITING

Financial Executives International’s Sarbanes-Oxley compliance survey, which examines experiences in complying with section 404, found that, in its fourth year, compliance may be costing companies less than it did in each of the first three years.

Accelerated filers—defined as companies with market capitalizations above $75 million—reported reduced costs, with decreases in internal and external labor hours and in auditor attestation fees.

During fiscal year 2007, companies’ section 404 compliance required an average of 11,100 internal people hours, an 8.6% decrease from the previous year, and 1,244 external people hours, a 13.7% drop. Attestation fees constituted 23.7% of filers’ total annual audit fees and averaged $846,000, a 5.4% decrease from 2006.

Source: Financial Executives International, www.financialexecutives.org.

 

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.