Resources for Sarbanes-Oxley (SOX)
CFOs Credit Experience, Technology Systems with Trimming Sarbanes-Oxley Costs
www.cio.com Sarbanes-Oxley cost less to implement in 2006 than in the previous two years, but the cost to comply with the financial accountability law isn't worth the effort, according to a survey of 200 financial executives.
The survey, by Financial Executives International, credited "increased efficiencies, a positive learning curve, and technical systems and software rollouts" for an average 23 percent decrease in the costs of complying with Sarbanes-Oxley Section 404. That section of the law requires each company's annual report to contain a statement saying that management is responsible for adequate internal controls and financial reporting, and an assessment of the effectiveness of those financial controls.
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