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SmartPros Accounting News & Insights |
May 5, 2008 |
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| NEWSLINE |
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SOX Compliance Cost $1.7M, Audit Fees $3.6M
In the fourth year of Section 404 compliance, accelerated filers managed to reduce costs within direct control of their companies, according to an annual study by Financial Executives International. The survey of 168 accelerated filers found that total average cost for Section 404 compliance was $1.7 million during fiscal year 2007; audit fees saw a slight increase from the previous year, averaging $3.6 million.
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Also in the News:
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| The Fair Value Problem
Given the problems in the financial sector, one was bound to hear the excuses that the accounting is at fault. The quickness of the rationalizations must have set a speed record! Many critics claim that Statement No. 157 created this boondoggle by requiring firms to apply fair value accounting to their accounts.
Let's suppose, however, that the critics were right. I am not conceding anything, mind you, merely exploring the possibility. What are the consequences of such a proposition? More |
| CPE SPOTLIGHT |
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NEW FROM FMN ONLINE:
D&O Insurance: Good News on the Horizon?
2 CPE credits, $59.95, or incl. with a subscription to FMN Online
A recent landmark opinion by the U.S. Supreme Court limited the ability of a company's defrauded investors to sue third parties for securities fraud. Two risk management executives from the firm of Beecher Carlson – Jack Flug and John Kerns – analyze the impact of that decision on the litigation risk facing business and on the market for directors' and officers' insurance. |
| BOOK PICK |
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Financial Reporting for Managers combines the concept of shareholder value creation with the financial reporting process. Readers will discover the clear links between shareholder value creation, the financial accounting statements, and the market value of the firm.
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