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Monday, May 22, 2006
Piling on the pressure as Sarbanes costs bite
In Tom Brandt's office there are piles of ring binders, each about three inches thick. For Mr Brandt, chief financial officer of Nasdaq-listed TeleCommunications Systems, they are a laugh-able sign of the cost of complying with Section 404 of Sarbanes-Oxley (SOX).
The binders contain paperwork designed to prove that a mass of accounting, management and control procedures have been complied with – even down to descriptions of basic clerical procedures such as filling in vendor invoices.
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