Complying with the U.S. Sarbanes Oxley Act (“SOX”) Section 404 has turned out to be even more costly and time consuming than first anticipated. In fact, a recent SEC Roundtable on SOX implementation found that companies and auditors were most concerned about the cost of Section 404 compliance. And a Financial Executives International survey found that just the direct costs of compliance averaged at $4.36 million per firm. That’s 39% more than what organizations had expected to pay.
FEI Special Survey on SOX section 404 Implementation, Financial Executives International (March 2005)Headquarters
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