A lack of practical implementation guidance and the incomplete nature of the Committee of Sponsoring Organizations’ 1992 framework -- in assessing effectiveness of internal controls over financial reporting -- are two of the key cost drivers for public companies complying with Sarbanes-Oxley Section 404 (SOX) requirements, according to a new study.

A study from the Institute of Management Accountants, “COSO 1992 Control Framework and Management Reporting on Internal Control: Survey and Analysis of Implementation Practices,” attempted to assess the views of nearly 400 chief financial officers, controllers, internal auditors and Sarbanes-Oxley compliance specialists at publicly traded companies.

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