North American companies expect to shell out $27.3 billion on compliance this year, with less than a quarter of that total attributable to the U.S. Sarbanes-Oxley corporate-governance law, according to a new survey.
While public companies in the United States and Canada believe the cost of Sarbanes-Oxley compliance will drop slightly, overall compliance spending is expected to grow to $28 billion in 2007, the survey, released last week in Washington, indicated.
"Spending on Sarbanes-Oxley is only the visible tip of the compliance iceberg," said John Hagerty, vice president of research at AMR Research, a Boston-based advisory firm that released the survey. "Any expectation that compliance spending might moderate is just wishful thinking."
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Stricter government rules and internal governance policies are driving cost growth, Hagerty said in a statement.
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