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| Author: | Sneller, L. Langendijk, H. |
| Title: | Sarbanes Oxley section 404 costs of compliance: A case study |
| Journal: | Corporate governance
2007 : MAR, VOL. 15:2, p. 101-111 |
| Index terms: | auditing corporate governance case studies listed companies Europe USA |
| Freeterms: | compliance costs |
| Language: | eng |
| Abstract: | This paper explores the costs of compliance (henceforth as: c-of-c.) of this assessment and attestation using the European division of a U.S. listed company as a case study. Described is the divisional project approach and c-of-c. for this division are presented in two categories: assessment costs (mainly hours spent by internal staff) and attestation costs (mainly audit fees). Among others, it is shown that the internal hours spent on assessment are appr. 12 times higher than the initial estimate made by the SEC in 2002. The realized other expenses are appr. 1.4 times higher than this estimate. |
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