The research by Financial Executives International showed that compliance costs are over 60% higher than the estimates that were made just six months earlier. The average cost for a company in the survey rose from $1.93m in January to $3.14m in July.
The rises have resulted from a 109% increase in internal costs, a 42% rise in external costs and a 40% jump in auditor’s fees. Employees hours spent on Sarbanes-Oxley compliance have also risen from 12,265 to 25,667 over the last half year.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements