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FEI Survey: SOX Costs

Financial Executives International
Grace Hinchman, SVP Public Affairs

Runtime: 6:07

Key Takeaways:

  1. Total average cost for Section 404 compliance was $2.9 million in fiscal 2006, which is a 23% decrease from 2005 totals.
  2. Companies required an average of 18,070 people hours internally to comply with Section 404 in 2006, a 10% decrease from the previous year.
  3. Companies required an average of 3,382 external people hours in 2006, a 14% drop from the previous year.
  4. Auditor attestation fees for Section 404, paid in addition to annual financial statement audit fees by accelerated filers, averaged $1.2 million in 2006, only slightly less than in 2005.
  5. Click here to purchase full survey results.

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