Cost for SOX Compliance Less Than Expected: Study - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Business/E-Business
Commentary
1/15/2008
02:36 PM
Jim Manico
Jim Manico
Commentary
Connect Directly
Twitter
LinkedIn
RSS
E-Mail
50%
50%

Cost for SOX Compliance Less Than Expected: Study

SearchCIO-Midmarket.com

Smaller companies are paying less to comply with Sarbanes-Oxley (SOX) requirements than previously anticipated.A new study from Lord & Benoit finds these companies spending 14 percent less than expected when the legislation--which defines business records that must be stored and for how long--was first enacted. In dollars and cents, that translates to roughly $78K in first-year fees as opposed to the $91K estimated by the SEC, according to the research.

The consultancy?s report is based on a cross-section of 29 smaller public companies in 12 industries, as well as an analysis of actual audit fees reported by nearly 5,500 public companies.

"I think the report just dispels the myth that costs are out of control," said Robert Benoit, president of Lord & Benoit.

Even if they are paying less, small-business advocates think SOX-associated fees are still too steep.

"It's still cost-prohibitive,? added AMR Research analyst John Hagerty. "The number would have to be down to about $25,000 to $35,000 before the squawking would stop."SearchCIO-Midmarket.com

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
Slideshows
Data Science: How the Pandemic Has Affected 10 Popular Jobs
Cynthia Harvey, Freelance Journalist, InformationWeek,  9/9/2020
Commentary
The Growing Security Priority for DevOps and Cloud Migration
Joao-Pierre S. Ruth, Senior Writer,  9/3/2020
Commentary
Dark Side of AI: How to Make Artificial Intelligence Trustworthy
Guest Commentary, Guest Commentary,  9/15/2020
Register for InformationWeek Newsletters
Video
Current Issue
IT Automation Transforms Network Management
In this special report we will examine the layers of automation and orchestration in IT operations, and how they can provide high availability and greater scale for modern applications and business demands.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll