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Sarbanes-Oxley News & Developments
Survey Shows Companies Not Budgeting for Sarbanes-Oxley ComplianceGartner, Inc. survey shows many companies not budgeting the proper resources to achieve compliance.
> > As companies struggle to adhere to the requirements of the Sarbanes-Oxley Act to make corporate governance more transparent, a recent survey by Gatrner, Inc., showed many companies have not budgeted the proper resources to achieve this compliance. approximately 85% of respondents said they do not have an official budget for Sarbanes-Oxley compliance. Estimates of expected Sarbanes-Oxley spending in 2004 vary, from $15,000 to $4 million, including outside consulting, internal and external auditing, personnel, insurance and software.
Sixty-five percent say they now have a Sarbanes-Oxley steering committee. The leading functions of Sarbanes-Oxley steering committees in 2003 include: legal compliance communication and progress, internal compliance audit management, and corporate governance policies and guidelines.
Source: Business Wire
Published:2003-10-21
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