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Wednesday, August 23, 2006

Does Compliance Have a Silver Lining?

In the more than two years since companies have been required to comply with Sarbanes-Oxley, it's become obvious that compliance is not a one-time project, it's a process. At the Sarbanes-Oxley Conference last September, Time Warner revealed it spent an incredible 350,000 man-hours identifying, evaluating and testing its financial and I.T. controls for Sarbanes-Oxley compliance. A survey by Financial Executives International (FEI) of 274 public companies found average compliance costs were about $3.8 million in fiscal year 2005. It also found that companies spent an average 22.786 staff hours internally to comply with Section 404 of Sarbanes-Oxley in 2005.

Does Compliance Have a Silver Lining?

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