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Survey sheds light on spam, SOX spending

Survey sheds light on spam, SOX spending

by Rick Turoczy on October 4, 2004

With the Nov. 15 deadline creeping up for compliance with Section 404 of the federal law, SIM asked its survey pool about their investments in SOX compliance. In the billion-plus club, 43% are not spending a dime on SOX, 29% are spending less than 1% of their budget on it and 18% are investing 1%-5%.

The sub-billion revenue companies in the survey are spending even less. Nearly 70% aren’t investing anything on SOX compliance, 18% are spending less than 1% of their budgets and 11% are directing between 1% and 5% to the SOX cause.

CIO Bob Denis is spending more to comply with SOX than he is to spear spam. His company, Trimble Navigation Ltd. in Sunnyvale, Calif., is public and does less than $1 billion in annual revenue.

“SOX compliance is huge for us — it’s certainly approaching the million-dollar mark,” he said. “Given our size, we’re spending an enormous amount of time and money on it.”

For those CIOs who may be low-balling the costs of compliance, Denis has an ominous message.

“You’ve got something coming,” he warned. “We’re hearing stories that even certain auditors are dropping clients because they’re not putting enough effort into it. Get serious about it.”

Survey sheds light on spam, SOX spending

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