Nine years later, SOx Section 404 fees are, generally, no longer broken out by auditors or their clients.
FORBES: The State of Sarbanes-Oxley Compliance According To Protiviti
Sarbanes-Oxley's defenders argue that the demands made of companies under Section 404 of the act are not new.
Section 404 has almost certainly improved the quality of internal controls at the firms where it has been implemented.
He would like it to punish those audit firms that are over-zealous in their interpretation of Section 404, too.
Section 404 needs to be repealed without delay for small- and mid-cap companies.
Sarbanes-Oxley's heavily criticised section 404, on companies' internal controls, is already being loosened.
The SEC recently announced revisions to its Sarbanes-Oxley regulations, but rejected the sensible idea of making section 404 voluntary for smaller companies.
Fortunately, the initially onerous financial burdens of Section 404 are now dropping.
The latest FEI Audit Fee Survey, sponsored by NYSE-Euronext, focuses on audit fees in total, not just Sarbanes-Oxley (SOx) Section 404-related fees.
FORBES: The State of Sarbanes-Oxley Compliance According To Protiviti
The bureaucrats' side was showcased at the U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board roundtable hearing last week on Sarbanes-Oxley's section 404.
Last week the Securities and Exchange Commission eased stress among company boards by pushing back the Section 404 compliance deadline to June 2004 rather than by the end of this year.
Or, better yet, let's resurvey the 85% of respondents in a Financial Executives International report that said Section 404 compliance costs still outweigh the benefits, and ask them to change their minds.
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