From The Seattle Post Intelligencer

The world of audit contracts is in the money

It’s a high-stakes competition

Last updated July 24, 2007 8:26 p.m. PT

By ANDREA JAMES
P-I REPORTER

Some folks familiar with the world of regulatory compliance have joked: Those who can, do. Those who can’t, audit. Perhaps they should add, “and make gobs of money.”

An entire industry has evolved to help companies comply with the Sarbanes-Oxley Act of 2002, the largest change to corporate governance since the 1930s. Vying for those audit-consulting contracts is a high-stakes, high-value competition.

By the end of 2008, U.S. public companies will have spent $32 billion on compliance with Sarbanes-Oxley, with more than half of that on outside consulting, AMR Research reports. A recent Seattle P-I investigation detailing compliance challenges at The Boeing Co., the region’s largest employer, found that the aerospace giant has spent more than $165 million in three years on the effort.

 

Link to full story: 

http://seattlepi.nwsource.com/business/324953_highstakes25.html

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