Sometimes we wonder whether everyone clamoring for Sarbanes-Oxley reform really gave it enough time before deciding it didn't work. Especially when we see things like this Financial Times piece posted at MSNBC.
The story highlights a study by Financial Executives International (FEI) that found Sarbanes-Oxley costs dropped 23 percent last year. The majority of savings came from a reduction in the number of internal hours spent on compliance, as well as lowered fees for outside attorneys and consultants.
And the drop occurred before the proposed changes to Sarbanes-Oxley came into play.
The one thing that hasn't changed much at this point is auditor fees. They dropped less than 1 percent, according to the study results.