The total costs of first-year compliance with Section 404 of the Sarbanes-Oxley Act could exceed $4.6 million each for of the largest U.S. companies. That cost breaks down into 35,000 hours of internal manpower, $1.3 million on external consulting and software, and additional audit fees of $1.5 million.
The average cost-of-compliance estimate for all companies is just under $2 million for 12,000 hours of internal work and 3,000 hours of external work, plus additional auditor fees of $590,000.
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