Financial Executives International (FEI) has issued their yearly survey of audit costs for the 404 section of Sarbanes-Oxley. They report that average billing for audits was $2.9 million in 2006. This is a reduction of 23 percent from 2005. FEI attributes the reduction in costs to auditing efficiencies. The companies reported that internal time on the audits has dropped 10%.
Friday, May 18, 2007