...or at least for accounting firms. Bloomberg reports that accounting costs for companies with less than $3 billion in annual sales have more than doubled because of this regulation, according to a study released recently by law firm Foley & Lardner. Overall compliance costs, including public relations, insurance, legal and directors’ fees have increased 90 percent. “Auditors now sit in on every board meeting and they have to sign off on everything; you can hear their little meters running as they drive into our parking lot.”
Of course, accountants are not the only group to have their little meters running. The irreplaceable Center for Responsive Politics has been tracking the accounting industry’s lobbying efforts for years. Seen in this light, Sarbanes-Oxley is merely a return on political investments.
Accountants:
Long-Term Contribution Trends
