Public companies have had to dig even deeper than previously estimated to pay the costs of complying with Section 404 of the Sarbanes-Oxley Act, according to a new survey by Financial Executives International (FEI).
Companies’ total costs for year one Section 404 compliance averaged $4.36 million, up 39% from the $3.14 million they expected to pay, based on FEI’s earlier July 2004 cost survey. The increase stems largely from a 66% leap in external costs for consulting, software and other vendors and a 58% increase in the fees charged by external auditors.
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