There is a clear link between Sarbanes-Oxley Section 404 compliance work and dramatically higher profiles for senior tax executives, particularly with audit committees and boards of directors, according to a survey of senior tax executives conducted by KPMG.Some 57 percent of respondents to the KPMG survey said that they believed both their role and stature had grown with peer groups over the past year, while 58 percent and 42 percent of respondents reported greater visibility and prominence before audit committees and boards of directors, respectively. That heightened attention has also resulted in support from top management for additional tax department resources, as nearly all (92 percent) respondents indicated plans to add staff over the next 12 months.
"It's clear that the additional responsibilities related to Section 404 compliance work have pushed tax executives and their departments to a higher level of prominence in corporate America, especially at the corporate governance level," said the national tax leader for Sarbanes-Oxley Section 404, Brad Brown, in a statement.
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