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More time, cost required in 2015 to comply with SOX, survey says

Tammy Whitehouse | June 9, 2016

The latest data on Sarbanes-Oxley complianceshowing companies spent more time and money trying to comply in 2015is beginning to suggest a new normal in the scrutiny around internal controls over financial reporting.

A clear majority of the 1,500 companies who participated in a recent poll by consulting firm Protiviti said the number of hours they devoted internally to Sarbanes-Oxley compliance in 2015 increased by more than 10 percent. Among large accelerated filers, it was 64 percent who agreed hours increased by 10 percent, while 70 percent of accelerated filers and 89 percent of nonaccelerated filers reported such an increase.

In terms of external audit fees, 50 percent of large accelerated filers said they saw an increase in fees in 2015, while 8...

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