Although the costs associated with compliance of the Sarbanes-Oxley Act were down for the second consecutive year, most financial executives say that the costs outweigh the benefits. "Efficiency gains are being realized in Section 404 compliance," said Michael P. Cangemi, president and chief executive officer of Financial Executives International. "However, audit fees are virtually unchanged. Companies have driven down compliance expenses by getting beyond the initial startup, and now await relief from the added audit costs of Section 404."
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