The costs of auditing internal controls at corporations in the United States fell sharply in the second year that new rules were in force, according to a study by the four major accounting firms. But some of the savings were eaten up by higher audit fees charged by the firms.
The study, whose findings were published Tuesday, found that the average large company, defined as those with annual revenue of more than $700 million, paid $4.77 million in 2005 to comply with Section 404 of the Sarbanes- Oxley Act of 2002, which requires companies to certify the quality of their internal financial controls and requires auditors to report on the controls.
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