Non-Environmental Cost-Benefit News
Financial Executives Call Sarbanes-Oxley Compliance a 'Good Investment,' But One with a 'High Cost' According to a Survey by Oversight Systems
12/14/04
Financial Executives Call Sarbanes-Oxley Compliance a 'Good Investment,' But One with a 'High Cost' According to a Survey by Oversight Systems
Oversight Systems Inc. today announced the results of the 2004 Oversight Systems Financial Executive Report On Sarbanes-Oxley Compliance, a nationwide survey of 222 financial executives. The report shows most financial executives are torn on the cost vs. benefits of Sarbanes-Oxley compliance.
The findings reveal that a majority of financial executives (57 percent) say Sarbanes-Oxley (SOX) compliance was a good investment for stockholders. However, when asked about the impact of SOX compliance on shareholder value the view was mixed. Although a clear majority (81 percent) think Congress needs to revisit SOX legislation, most would still include the sections that require the CEO and CFO to sign off on financial reports (Section 302); increased documentation and monitoring of internal controls (Section 404); and the timely disclosure of material changes (Section 409). More information about the survey, including downloadable findings, can be found at http://www.oversightsystems.com/newspress/survey.pdf.
Of those surveyed, 79 percent report having stronger internal controls as a result of SOX compliance. Nearly three quarters (74 percent) say their companies realized a benefit from SOX compliance. When asked to identify the benefits from SOX, the survey reports that:
Contact: Brian Moran, 404-920-2039, www.oversightsystems.com
brian.moran@oversightsystems.com,
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