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Accounting crackdown costly to companies, poll says

Accounting crackdown costly to companies, poll says

by Rick Turoczy on December 15, 2004

The costs of complying with new accounting laws enacted in the wake of the Enron scandal are higher than companies have anticipated. But the process, executives say, should restore investor confidence in the market.

The conclusions come from auditing firm KPMG LLP through its annual survey of corporate executives in six regions of the country.

KPMG hired Penn, Schoen & Berland Associates Inc. to interview 98 local senior executives at public and private firms, 40 percent of whom represent the auto industry, between Nov. 17 and Dec. 7. The survey also found that local executives are not as optimistic about the overall economy compared with executives in other regions.

Accounting crackdown costly to companies, poll says

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