Poll: Companies Unprepared for Next Sarbanes-Oxley Deadline
September 26, 2005 1:34 PM ET
Nearly half of public companies that filed for extensions to meet Sarbanes-Oxley requirements are likely to miss the next deadline, according to a poll by Akonix Systems Inc.
The poll, released Monday, found that 45 percent of public companies will not have archiving systems in place for their e-mail and instant messaging by July 15, 2006. Executives can face fines and jail time for failing to meet the deadlines.
Akonix, which produces instant messaging, security and management solutions, reported that only 29 percent of executives at 157 public companies believed their messages would be archived on time. Another 26 percent said they were unsure of whether they would meet the deadline.
Most stated that cost was the major obstacle. AMR Research reports that U.S. businesses will spend more than $6.5 billion on products and services related to Sarbanes-Oxley requirements.
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