Web www.software-risk.co.uk

Corporate America has only just got used to the Sarbanes-Oxley Act and the implications for internal controls. Congress and the Internal Revenue Service now want to extend the measures to non-profit organisations.

Non-profit organisations, are not ready for it, according to a survey by Kintera. 51% of respondents said he no to the question, "Is your nonprofit prepared to comply with financial regulations if mandated by the U.S. Government?"

The other 49% said they were ready for compliance.

With the corporate sector expected to spend $5.8 billion on Sarbanes-Oxley compliance in 2005, the prospect of having to comply with similar regulations is understandably daunting for many nonprofit organizations, noted Dr. Harry E. Gruber, co-founder and CEO of Kintera. "Nonprofits are realizing the importance of increased accountability to build consumer and regulatory trust, but fear the associated financial and time costs."

Related Articles
SEC Proposes Years Exemption on 404
Sarbanes-Oxley Debacle
Republican Attack on Sarbanes-Oxley
COX - Sooner Rather than Later on SOX Reform
GAO Supports SOX Cost Claims
Foreign Companies Repeating US SOX Mistakes
Active Network Buys Content Management
OpenPages Wins USANA

Similar Areas

Sarbanes-Oxley Items

Finance Items

Public Sector Items

Regulation Items

IT Management Items

Selected Books

Keywords

Sarbanes-Oxley

Sarbanes-Oxley Act

Sarbanes-Oxley compliance

Sarbanes-Oxley and Non-profit

non-profit

non-profit organizations

Congress

Inland Revenue Service

Sarabanes-Oxley and IRS

U.S. Government

Kintera