Sunday, June 18, 2006

Sarbanes-Oxley compliance continues to provide a fees bonanza for accountants

Since the enactment of the Sarbanes-Oxley Act, the study reported that the average cost of compliance for companies with under $1 billion in annual revenue has increased more than $1.8 million to approximately $2.9 million, a 174 percent overall increase.

"There is no question that fees associated with Section 404 have driven up costs for companies of all sizes," said Hartman. "However, based on our data, large public companies are more readily able to absorb these costs while smaller companies are hit with larger percentage increases. These increases have leveled somewhat, but there is no indication that average audit fees are decreasing, particularly for smaller public companies."

Sarbanes-Oxley compliance continues to provide a fees bonanza for accountants

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