Failed Sarbox tests cost UK companies £1m
Dual listed companies falling at first hurdle at alarming rates.
Dual listed companies falling at first hurdle at alarming rates.
UK companies listed in America will have to pay, on average, more than £1m to correct mistakes made when trying to comply with Sarbanes-Oxley.
Link: In-depth: Sarbanes-Oxley
Research from risk consulting company Protiviti shows that about 43% of controls put in place by companies to meet Sarbanes-Oxley requirements are deemed non-compliant on first testing. The research claims the cost of retesting is estimated at £600,000, with the bill rising past £1m per company once new controls have been put in place.
Manufacturers fared the worst, with failure rates of over 50%, while financial services companies performed best, with an average control failure of just 10%.
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