UNO team looks at company costs of Sarbanes-Oxley reform law

Auditing fees jumped by an average of $2.2 million last year for 606 Fortune 1,000 companies — an increase at least partly fueled by internal accounting procedures required by Congress, according to a study by two University of Nebraska at Omaha professors.

Section 404 of the Sarbanes-Oxley corporate reform law of 2002 requires large companies filing annual reports after Nov. 15, 2004, to assess internal controls of their financial procedures. Outside auditors must vouch for those controls.

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