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New piece of Sarbanes-Oxley kicks in

New piece of Sarbanes-Oxley kicks in

by Rick Turoczy on November 16, 2004

A section of the Sarbanes-Oxley Act took effect Monday, part of new accounting regulations that promise to be a multimillion-dollar bonanza for tech security companies.

Under Section 404 of the law, publicly traded companies must have policies and controls in place to secure, document and process material information dealing with their financial results. Vendors helping companies with compliance are expect to reap $5.8 billion next year, with 28 percent going to technology companies, according to an AMR Research survey released Friday.

“Technology will play an increasingly significant role in the integration of SOX (Sarbanes-Oxley) compliance initiatives into the business process,” John Hagerty, vice president of research at AMR, said in a statement.

This year, companies and organizations are expected to spend $1.13 billion on technology to comply with Sarbanes-Oxley. That is expected to increase to $1.62 billion next year, according to the study.

New piece of Sarbanes-Oxley kicks in

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