A new survey says that companies are using experience and IT systems to cut compliance costs, but that auditing services are still expensive. Sarbanes-Oxley cost less to implement in 2006 than in the previous two years, but the cost to comply with the financial accountability law isn’t worth the effort, according to a survey of 200 financial executives.The survey, by Financial Executives International, credited “increased efficiencies, a positive learning curve, and technical systems and software rollouts” for an average 23 percent decrease in the costs of complying with Sarbanes-Oxley Section 404. That section of the law requires each company’s annual report to contain a statement saying that management is responsible for adequate internal controls and financial reporting, and an assessment of the effectiveness of those financial controls.Michael P. Cangemi, FEI president and CEO, noted in a statement that companies are doing well at becoming more efficient, spending less time and reducing costs to comply with Sarbanes-Oxley, but auditors’ fees “are virtually unchanged” over the past three years. The group, whose 15,000 members include CFOs, treasurers and controllers, hopes for regulators to find ways to help companies reduce those costs, Cangemi said. See the statement here. SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe The survey of 200 companies, a group that had average revenues of $6.8 billion, found that those with centralized financial operations had much lower costs for complying with Sarbanes-Oxley. Related content brandpost Unlocking value: Oracle enterprise license models for optimal ROI Helping you maximize your return on investment of Oracle software program licenses is not as complex as it sounds—learn more today. By Rimini Street Oct 02, 2023 4 mins Managed IT Services IT Management brandpost Lessons from the field: Why you need a platform engineering practice (…and how to build it) Adopting platform engineering will better serve customers and provide invaluable support to their development teams. By VMware Tanzu Vanguards Oct 02, 2023 6 mins Software Deployment Devops feature The dark arts of digital transformation — and how to master them Sometimes IT leaders need a little magic to push digital initiatives forward. Here are five ways to make transformation obstacles disappear. By Dan Tynan Oct 02, 2023 11 mins Business IT Alignment Digital Transformation IT Strategy feature What is a project management office (PMO)? The key to standardizing project success The ever-increasing pace of change has upped the pressure on companies to deliver new products, services, and capabilities. And they’re relying on PMOs to ensure that work gets done consistently, efficiently, and in line with business objective By Mary K. Pratt Oct 02, 2023 8 mins Digital Transformation Project Management Tools IT Leadership Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe