What if we took all the money spent to comply with Sarbanes-Oxley (SOX), the laws implemented after the Enron and Worldcom debacles to protect shareholders, and just divided it up between the shareholders and employees who were harmed?
Do you think we all might come out ahead?
In a recent study by SOX research and consulting firm Lord and Benoit, the total average combined costs of complying with SOX was $78,457. The costs ranged from as little as $23,000 for a small software company to as much as $197,000 for a manufacture/distribution with many locations.
Just the increase in what they had to pay their auditors ranged from a low of $7,500 to as high as $86,000.
Has anyone seen a number, just one number, for the total cost to our entire economy per year of SOX compliance.
What does it cost your bank?