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Sarbanes-Oxley News & Developments
Sec. 404 of SOX Compliance Jacking Up Audit FeesCompliance will cost public companies an average of 35 percent more in audit fees.
> > On average, public companies expect to spend more than 6,000 hours - including internal resources, external resources, and attestation time - with additional $480,000 in software and IT consulting to comply with Sarbanes-Oxley (SOX) Section 404.
Section 404 of SOX reguires managers state their responsibility for establishing and maintaining adequate internal controls for financial reporting. Auditors also are required to attest and report on managements assessment of corporate performance which is in accordance with standards established by the Public Company Accounting Oversight Board (PCAOB).
Source: CFO article
Published:2003-06-20
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