Average Compliance Costs are $3.8 Million, Down 16% from Prior Year; Reductions About Half of What Were Anticipated
Sarbanes-Oxley Section 404 compliance cost Corporate America less in year two of adoption than in year one, according to a survey released by Financial Executives International (FEI). FEI polled 274 public companies, of which 238 are "accelerated filers" according to SEC definitions and have average revenues of $6 billion, to gauge experiences in complying with Sarbanes-Oxley's Section 404. This is the fourth SOX compliance survey FEI has conducted since 2004.
According to the FEI survey, the accelerated filers' total average cost for Section 404 compliance was $3.8 million during fiscal year 2005, down 16.3 percent from 2004.
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