October 04, 2004
Companies are Spending Too Much on Sarbanes-Oxley and Missing Opportunities
Everyday, there is another article telling us how onerous and expensive complying with Sarbanes-Oxley is. However, the average company does not begin to have its processes documented much at all. Doesn't it make sense to have a company run with processes and procedures that are written down and deployed for all the employees to see? The average company loses 5-15% in inefficiencies, errors and fraud just because there are not clearly documented procedures on how the business is expected to be run. This is part of complying with Section 404, but doesn't this make business sense as well?
It seems logical that you would want everyone to know how to do their jobs well, and be sure that fraud, errors and inefficiencies are minimized. Companies need to approach Sarbanes-Oxley positively and gain the massive benefits that are to be had and quit focusing on how onerous a task it is when type of work should have been completed long before August 2002.
See an article discussing this pertinent topic:
"Public companies across the country are getting hit with big accounting bills this year. The Securities and Exchange Commission estimates the new standards will cost companies a collective $4 billion or more. And it won't end this year."
See the complete article.
For information on how to comply with Sarbanes-Oxley and not spend millions, see Issues Central Sarbanes-Oxley Compliance Playbook(tm) or call (416) 977-1496.
It seems logical that you would want everyone to know how to do their jobs well, and be sure that fraud, errors and inefficiencies are minimized. Companies need to approach Sarbanes-Oxley positively and gain the massive benefits that are to be had and quit focusing on how onerous a task it is when type of work should have been completed long before August 2002.
See an article discussing this pertinent topic:
"Public companies across the country are getting hit with big accounting bills this year. The Securities and Exchange Commission estimates the new standards will cost companies a collective $4 billion or more. And it won't end this year."
See the complete article.
For information on how to comply with Sarbanes-Oxley and not spend millions, see Issues Central Sarbanes-Oxley Compliance Playbook(tm) or call (416) 977-1496.
