It is estimated that Section 404 of SOX has generated auditing fees in the hundreds of millions of dollars,all in the hope of enforcing ethical conduct in U.S.organizations.

Question

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Section 404 of SOX requires companies to have an auditor review their internal controls over financial reporting, which has led to increased auditing fees. The exact amount is difficult to estimate, but it is believed to be in the hundreds of millions of dollars. The overall goal of SOX is to improve ethical conduct and financial reporting in U.S. organizations.

It Is Estimated That Section 404 of SOX Has Generated