{"id":459,"date":"2008-01-02T07:00:54","date_gmt":"2008-01-02T15:00:54","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=459"},"modified":"2008-01-02T07:00:54","modified_gmt":"2008-01-02T15:00:54","slug":"compliance-drastic-drop-in-number-of-sarbox-faults","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/compliance-drastic-drop-in-number-of-sarbox-faults\/","title":{"rendered":"Compliance: Drastic Drop in Number of Sarbox Faults"},"content":{"rendered":"<p>Companies are making major strides in reducing their number of &#8220;material weaknesses&#8221; in complying with Sarbanes-Oxley.  A <a href=\"http:\/\/www.businesswire.com\/portal\/site\/google\/index.jsp?ndmViewId=news_view&#038;newsId=20071126005338&#038;newsLang=en\">report<\/a> from <a target=\"_blank\" title=\"Compliance Week\" href=\"http:\/\/www.complianceweek.com\/\">Compliance Week<\/a> shows that the number of faults reported by 9,700 companies fell from 537 shortly after Sarbanes-Oxley went into effect to just 173, three years later.<\/p>\n<p>Other overall positive findings of the reports were:<\/p>\n<ul>\n<li>The number of company late in their Sarbox filings dropped from 21% in 2004 to just 6% in 2006.<\/li>\n<li>For large companies, the number of statement re-filings is decreasing<\/li>\n<li>Companies in the financial industry have the best grip on Sarbox with fewer re-filings and fewer material weaknesses reported<\/li>\n<li>On a percentage of revenue basis, smaller companies (less than $1 billion) pay nearly six times as much as larger ones, around .3 percent of their revenue on audit and compliance costs.<\/li>\n<\/ul>\n<p>So while companies are not fans of the complexity and costs of Sarbox, many have the problem under control and are moving their focus onto other areas.<!--9b0a40b74b282cc3c13a26788ca808bf--><\/p>\n<div class=\"lightsocial_container\"><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/digg.com\/submit?url=https%3A%2F%2Fformtek.com%2Fblog%2Fcompliance-drastic-drop-in-number-of-sarbox-faults%2F&amp;title=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/digg.png\" alt=\"Digg This\" title=\"Digg This\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.reddit.com\/submit?url=https%3A%2F%2Fformtek.com%2Fblog%2Fcompliance-drastic-drop-in-number-of-sarbox-faults%2F&amp;title=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" 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A report from Compliance Week shows that the number of faults reported by 9,700 companies fell from 537 shortly after Sarbanes-Oxley went into effect<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/formtek.com\/blog\/compliance-drastic-drop-in-number-of-sarbox-faults\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,30],"tags":[],"class_list":["post-459","post","type-post","status-publish","format-standard","hentry","category-compliance","category-sarbanes-oxley"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=459"}],"version-history":[{"count":0,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/459\/revisions"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}