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Cottage industry of contractors grows to help firms comply with Sarbanes-Oxley

Cottage industry of contractors grows to help firms comply with Sarbanes-Oxley

by Rick Turoczy on January 3, 2005

The Sarbanes-Oxley corporate reform act may be an expensive headache for public companies, but it is a treasure chest for accounting and consulting firms, lawyers, software vendors and staffing companies.

To comply with the 2002 federal law that was passed in the wake of corporate accounting scandals, companies must implement strict financial controls. That requires legal advice, tech consulting and complex new audits.

Estimates of what it costs to become Sarbanes-compliant range from $250,000 for a small company to several million dollars for large multinationals. Golden-based brewer Adolph Coors Co. spent $1.6 million in the first nine months of 2004 due to Sarbanes-Oxley.

Much of this money ends up in the pockets of a growing cottage industry of Sarbanes-Oxley contractors, which say there is no end in sight to Sarbanes-related revenue.

Cottage industry of contractors grows to help firms comply with Sarbanes-Oxley

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