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Sarbanes-Oxley rules causing delays in annual reports; Nearly 300 firms say they will miss this year’s deadline

Sarbanes-Oxley rules causing delays in annual reports; Nearly 300 firms say they will miss this year’s deadline

by Rick Turoczy on March 28, 2005

Nearly 300 publicly traded firms have said they will miss deadlines for filing their annual reports, up from 70 during January to mid-March last year, according to Securities and Exchange Commission filings. Many of the companies said they are having trouble reviewing and vouching for the strength of their financial controls, a new step required under the Sarbanes-Oxley Act to help prevent fraud and mistakes.

Announcements of delayed filings are breathing new life into complaints by companies that the law is too cumbersome and expensive. Financial Executives International, a trade group for corporate-finance executives, released a study earlier this month suggesting that the average cost of complying with the law rose to $4.3 million per company, a 39 percent increase from when it surveyed members last year.

Sarbanes-Oxley rules causing delays in annual reports; Nearly 300 firms say they will miss this year’s deadline

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