That was about 0.1 percent of their revenue and was less than the average $9.8 million paid to chief executives at 179 companies whose annual filings were surveyed this month by The New York Times. Financial Executives International, a networking and advocacy organization, said last month that a survey of 217 publicly traded companies had shown that they had spent $4.36 million, on average, to comply with Section 404.Īnother survey, of 90 clients of the Big Four auditing firms - Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers - found that the companies had spent an average of $7.8 million on compliance. There are, perhaps unsurprisingly, several studies of the cost of compliance from various business groups. Executives at the round table consistently said complying with Section 404 had cost more than they had anticipated, and they questioned whether the benefit - which no one has been able to quantify - was worth the cost.
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