Now that Sarbanes-Oxley no longer strikes fear in the hearts of finance executives at big companies, they must face yet another auditing standard: FAS 161, which ups disclosure requirements for derivatives and hedge funds
By Staff Writer|April 01, 2008 at 08:00 PM
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Sarbanes-Oxley (SOX) is no longer a dirty word at most corporations. Nearly 82% of 253 audit committee members recently surveyed by The Center for Audit Quality say audit quality has improved in recent years. And early adopters are telling Mark Olson, chairman of the Public Company Accounting Oversight Board, that compliance costs for once dreaded Section 404 audits are falling, following the late 2007 implementation of Auditing Standard 5. “We’re hearing that companies–especially big global companies–are seeing immediate reductions in the internal cost of executing SOX, as well as in the amount of details required compared to [Auditing Standard 2],” Olson told attendees at Treasury & Risk’s conference, A Vision for Tomorrow’s Treasurer, in New York.
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