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SOX costs pile up… is it worth it?

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?

About the Author
Linda Keith CPA is an expert in credit risk readiness and credit analysis. She trains banks and credit unions throughout the United States, both in-house and in open-enrollment sessions, on Tax Return and Financial Statement Analysis. She is in the trenches with lenders, analysts and underwriters helping them say "yes" to good loans. Creator of the Tax Return Analysis Virtual Classroom at www.LendersOnlineTraining.com, she speaks at banking associations on risk management, lending and director finance topics.