An average company wasted $1.7 million on SOX 404 Compliance last year

Financial Executives International polled companies for the 7th year in a row to determine how much it costs to comply with Section 404 of the Sarbanes-Oxley Act. This year, they talked to 185 companies with average annual revenues of $4.7 billion. The total average cost of compliance was $1.7 million …

5 Years of Sarbanes-Oxley

That’s right. We are fast approaching the 5 year anniversary of the passing of the Sarbanes-Oxley Act of 2002. Who’s celebrating? Well surely the consultants and accountants who have made a fortune off SOX consulting are celebrating a bit. Over at Audit Trail, they have some surprising results of a …

Possible Changes to Sarbanes-Oxley Within the Next Year

The Securities and Exchange Commission voted in favor of four staff recommendations to work with the Public Company Accounting Oversight Board (PCAOB) to help change Sarbanes-Oxley. Currently, Sarbanes-Oxley requires companies to monitor and test internal controls over financial reporting. (Notice I didn’t say the company actually has to have good …

Some Basics About Sarbanes-Oxley

Say it fast five times: Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley… If you’re like me, you’re sick of hearing these words. Lots of people, however, don’t have the first idea what the Sarbanes-Oxley Act of 2002 is really about. I think the public-at-large thinks it’s legislation that stops fraud. That couldn’t …