SOX Compliance Costs 554



  • Hello there,
    I am working for a British company and as a part of my work I have to look after some relevant examples of costs compliance with SOX.
    For instance, I read somewhere that BP had to pay something like 125 MUSD in order to fulfil the required steps.
    Would you please list below some examples that you may know, or otherwise tell me please where I could find something (I know ‘on the Internet’ could be a great answer but not really helpful 😉 ).
    Thank you in advance for any help.
    Regards.



  • InternAuditor, I believe that the following link is also important for your effort: iasplus.com/stats/stats.htm



  • A couple of quick comments:

    1. Many companies will have difficulty in truly assessing the cost of SOX compliance as some costs are hidden and/or the compliance projects have a scope beyond just compliance.
    2. ‘Reported’ figures for these things tend to be off the mark.


  • AMR Research Inc. in Boston estimates that the average company will blow through about USD1 million in Sarbanes-Oxley costs per USD1 billion in revenue.



  • AMR Research Inc. in Boston estimates that the average company will blow through about USD1 million in Sarbanes-Oxley costs per USD1 billion in revenue.
    However, a further study found that companies with revenue around USD1 billion were spending around USD3 million on ‘compliance’.
    Very few companies with turnover over USD10 billion have disclosed their costs.
    And anyway, what is a SOX compliance cost? If you fix a poorly controlled system is that SOX compliance or is SOX just bringing to light a pre-existing problem? If your business was properly controlled already then SOX compliance costs would be low.



  • Hi,
    Thank you very much for your answers and help, I really appreciate it.
    Best regards.


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