|  | | 2004 News and Press Releases | | |
HEADLINE NEWS:
A Boon For The Bean Counters
Business Week. November 22, 2004
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EXCERPT: Two years ago, accounting firms were doing their darnedest to keep Sarbanes-Oxley from becoming law. Luckily for them, they lost: The measure is turning out to be a boon for bean counters. Companies are now racing to comply with Section 404 of the Sarbanes-Oxley Act by year end. The provision requires publicly traded corporations to vouch for internal financial controls and remedy any problems. A recent survey by Financial Executives International, finds that, on average, companies will spend $3.1 million and 30,700 hours to comply -- nearly double estimates in a January poll. Much of that expense is revenue for privately held accounting firms. Audit fees are expected to jump more than 50% this year, says FEI. |
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