Compliance costs soar to $25.5bn



In 2004, firms spent $23.2 billion on compliance. The majority of the compliance-related spending (94%) is staff-related, while out-of-pocket (direct purchase of legal, auditing and other consulting services from outside providers) accounted for 2.8%. Capital expenditure accounted for 3.3% of compliance spending.

With all the regulators taken into account, each individual firm received an average of 231 enquiries over the past 12 months. The US Securities and Exchange Commission (SEC) and the

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