Small company 404 costs higher than study's estimate
The Lord & Benoit study on small company 404 costs generated a lot of media--that was the point. But now cfo.com reports that some think the study's average total cost of compliance, including management assessment of controls and audit fees, of $78,457 seems to be low. Other consultants seem to think the costs will be at least double, especially if you have to do some hiring. But Lord & Benoit says costs can be kept under control via savvy management, which includes following guidance from the SEC and COSO. The controversy underscores the need for careful planning, ahead of the auditor's attestation portion, which will not kick in for another year.
For more:
- here's the cfo.com article
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Comments
By Anonymous | Posted 2:08pm | August 12, 2008
what all of the worthless experts on this SOX
for small companies don't seem to understand is that the whole system does absolutely no good for the small companies or their shareholders. What a shame that someone isnt with the SEC that really understands small companies and how little chance there is for fraud relating to them. SOX requirements for small companies have become our death knell.