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Sarbanes-Oxley audits too costly, regulator says

Sarbanes-Oxley audits too costly, regulator says

by Rick Turoczy on September 20, 2006

The chairman of the U.S. Securities and Exchange Commission, Christopher Cox, has said that business practice audits required by the Sarbanes-Oxley Act are too costly and represent the “one notable exception” to the positive impact of the law.

Companies’ bills for first-year compliance were especially high because of start-up costs and excessive efforts by the firms and their outside accountants, Cox told a hearing of the House Financial Services Committee on Tuesday.

Sarbanes-Oxley audits too costly, regulator says

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