I just came across a great article on computer world titled Sarbanes-Oxley compliance costs drop, better processes credited . Here’s a slightly paraphrased version:
Couple of studies have come out stating Sarbanes-Oxley costs are going down. The latest, according to a survey by Financial Executives International. The Florham Park, N.J.-based organization found the average company spent $2.9 million on SOX compliance in 2006, versus $3.8 million in 2005 and $4.5 million in 2004. - 23% reduction. The prime driver for this reduction is based on companies automating their controls
“Technology has a lot to do with the cost reduction,” said Sanjay Anand, chairperson of the Sarbanes-Oxley Institute. Public companies “are actually automating their controls. A good 20 to 30%, even as much 40%, of the cost reduction is actually coming from automated controls rather than manual controls.”
But this isn’t the only benefit…
See full Article.
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