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COPYRIGHT 2005 Knight-Ridder/Tribune Business News
By Corey Washington, The Business Press, San Bernardino, Calif. Knight Ridder/Tribune Business News
Feb. 28--Public companies based in the Inland Empire face tough mandates intended to curb white-collar corruption.
The Sarbanes-Oxley Act enacted in June 2002, designed to mitigate conflicting, internal processes, requires thorough documentation from publicly traded companies.
Though it is a positive precautionary measure, the amount of time -- and money -- involved makes compliance difficult for companies, said Roger Wadell, partner of Redlands accounting firm Soren McAdam Christenson LLP, a certified public accountants firm in Redlands.
Wadell did not disclose the costs associated with Sarbanes-Oxley projects.
"I think the extent of the work necessary to comply was underrated, therefore [companies] waited a considerable amount...
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