U.S. Workers and Investors Largely Unaware of Sarbanes-Oxley Act
November 22 2004 - 6:00AM
PR Newswire (US)
U.S. Workers and Investors Largely Unaware of Sarbanes-Oxley Act
Hudson Survey Shows Limited Impact on Investor Confidence Only
Accounting and Finance Workers are Affected to Date NEW YORK, Nov.
22 /PRNewswire-FirstCall/ -- Eighty percent of U.S. workers and 76
percent of employed investors have never heard of the
Sarbanes-Oxley Act of 2002, according to a Hudson survey measuring
its impact in the workplace. As the first compliance deadline
approaches in December, only nine percent of workers say they have
been asked to do something differently in their jobs as a result of
the Sarbanes-Oxley Act. Among working investors, defined as owning
at least $5,000 in stocks, bonds and mutual funds, only seven
percent indicated that Sarbanes-Oxley had increased their
confidence as an investor. Likewise among this group, only seven
percent said it had increased their confidence in the leadership of
public companies. The Sarbanes-Oxley Act was enacted to restore
investor confidence in public company accounting and leadership by
increasing transparency and requiring CEOs and CFOs to attest to
the soundness of their companies' internal controls. "Clearly, U.S.
workers and individual investors are not well informed about the
Act or its intended benefits," said Dee Lonn, executive vice
president of Hudson Financial Solutions. "Despite massive
investments of corporate resources, public relations is lagging and
the workplace impact has not extended much beyond those directly
responsible for achieving compliance." Companies are spending an
average of $3 million in the first year to comply with the
Sarbanes-Oxley Act, according to Financial Executives
International. As expected, the Act's influence has been much
greater in accounting and finance circles, with 25 percent of
accounting and finance workers reporting that they have been asked
to do something differently in their jobs as a result of
Sarbanes-Oxley and 22 percent saying the Act has created more work
for them personally. Senior managers are also feeling the impact,
with 18 percent reporting they have been asked to do something
differently and 13 percent saying it has created more work for
them. The Hudson survey was based upon telephone interviews with
2,152 workers and 1,880 investors conducted between November 5 and
14, 2004. The interviews were conducted by Rasmussen Reports, an
independent public opinion research firm based in New Jersey.
Hudson, one of the world's leading professional staffing,
outsourcing and human capital solution providers, also publishes
the Hudson Employment Index(SM), a monthly measure of the U.S.
workforce's confidence in the employment market. Next month's
Hudson Employment Index(SM) will be released on December 3, 2004.
Hudson Hudson delivers specialized professional staffing,
outsourcing, and employment lifecycle solutions worldwide. From
single placements to total solutions, the firm helps clients
achieve greater organizational performance by assessing,
recruiting, developing and engaging the best and brightest people
for their businesses. Hudson is a division of Hudson Highland
Group, Inc. one of the world's leading professional staffing,
retained executive search and human capital solution providers. The
company employs more than 3,600 professionals serving clients and
candidates in more than 20 countries through its Hudson and
Highland Partners businesses. More information is available at
http://www.hudson.com/. Special Note: Safe Harbor Statement Under
the Private Securities Litigation Reform Act of 1995: Except for
historical information contained herein, the statements made in
this release constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements involve certain risks and uncertainties, including
statements regarding the company's strategic direction, prospects
and future results. Certain factors, including factors outside of
our control, may cause actual results to differ materially from
those contained in the forward- looking statements, including
economic and other conditions in the markets in which we operate,
risks associated with acquisitions, competition, seasonality and
the other risks discussed in our Form 10-K and our other filings
made with the Securities and Exchange Commission, which discussions
are incorporated in this release by reference. DATASOURCE: Hudson
CONTACT: Jennifer Bernhart, Hudson, +1-813-890-7379, or Web site:
http://www.hhgroup.com/ http://www.hudson.com/
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