SOXのお値段 [ June 08, 2005 ]
Economistの記事より
A price worth paying?
The cost of all this is steep. According to one study that has attracted a lot of attention, the net private cost amounts to $1.4 trillion. This astonishing figure comes from a paper by Ivy Xiying Zhang of the William E. Simon Graduate School of Business Administration at the University of Rochester. It is an econometric estimate of “the loss in total market value around the most significant legislative events”i.e, the costs minus the benefits as perceived by the stockmarket as the new rules were enacted. In principle, this ought to reflect all the anticipated costs and benefits, direct and indirect, that impinge on company values. If this number were true, SOX would have to prevent an awful lot of unforeseen losses due to fraud before it could be judged a good buy.
"million"とか"billion"じゃなくて、"trillion"というと、普段使う機会がないので、ぴんとこないのですが、要は1.4兆ドル･･･1円100円計算でいうと･･･104兆円･･･
このリサーチの数字を信じていいのかどうかという問題が大きいわけですが･･･もう一つのお値段のお話として
SARBANES-OXLEY COMPLIANCE COSTS EXCEED ESTIMATES
With March 16 as the general deadline for public companies to complete an assessment of their internal controls over financial reporting, FEI recently surveyed 217 public companies with average revenues of $5 billion to gauge Section 404 compliance costs. Their total cost of compliance averaged $1.34 million for internal costs, $1.72 million for external costs and $1.30 million for auditor fees. The auditor fees are in addition to companies' financial statement audit fees, on average 57 percent higher.
Rule404というのはSOXの中でも悪名(?)高い内部統制監査ですが、そのためのコストは合計で400万ドル以上･･･これを高いとみるか安いとみるか、マクロでの数字とあわせて色々と考えさせられる話です。
Posted by 47th : | 10:38 AM
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社会が多様性に富んでいることによってかかる費用は慎重な評価が必要ですね。４００万ドルの内部統制監査、割に合わないため削除ということになった暁にはこう記されるのでしょうか。
Rule 404 Not Found
Posted by bun : June 8, 2005 11:34 AM
Posted by 47th : June 8, 2005 11:54 AM
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