Monday, March 14, 2005

Auditor costs soar

Complying with the federal Sarbanes-Oxley Act is proving even more costly and onerous than the dire predictions corporate financial executives made last year. Public companies in Washington are reporting auditor fee increases of 80 percent to 160 percent or more, according to a review of filings made by press time. Those fees don't include what companies spent on accounting consulting firms to help them prepare for Sarbanes-Oxley audits or the internal costs of staff time and effort.

For example, Weyerhaeuser Co. is reporting audit fees of $8.3 million for 2004, compared with $3.2 million in 2003, an increase of 153 percent. Puget Energy Inc. is reporting audit fees of $2.1 million, 145 percent higher than last year. And Onyx Software Corp.'s fees are $800,000, 167 percent higher than in 2003.

Auditor costs soar

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Software Combo Manages SarbOx Compliance

Material Weaknesses and Share Price

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Sarbanes, Oxley: Give Rules a Chance

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Senator Paul Sarbanes and Representative Michael Oxley Claim Corporate Legislation Works

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