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

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.