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FEI Survey on Sarbanes-Oxley Section 404 Implementation

FEI Survey on Sarbanes-Oxley Section 404 Implementation

by Rick Turoczy on April 7, 2006

For those companies in their second year of compliance with Section 404 of the Sarbanes-Oxley Act of 2002, year-two costs of compliance were somewhat less than the corresponding year-one costs. This was one of the findings of Financial Executives International’s (FEI) latest survey of financial executives regarding their experiences in complying with Sarbanes Oxley’s Section 404 ($99).

Among the other key findings, the financial executive respondents:

  • suggest that auditor guidance from the Public Company Accounting Oversight Board (PCAOB) still needs clarification;
  • agree that compliance with Section 404 has raised investor confidence, but has done so at a price;
  • say there was a decline in auditor fees for all accelerated filers (average of 13%), but this was less than anticipated in an earlier (March 2005) survey of FEI members, when auditor fees were expected to drop 26% in the following year.

FEI Survey on Sarbanes-Oxley Section 404 Implementation

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