The number perceiving a net benefit from section 404 rose to 26 percent for respondents with
fiscal years still in progress at the time of the survey, with another 20 percent believing the costs and
benefits were equivalent—suggesting a trend toward greater acceptance of section 404 over time.
Consistent with these findings and the existence of a learning curve under section 404, Alexander et
al. (2013) report that the number of years of section 404 (b) compliance, SEC’s management
guidance, and PCAOB AS5 are associated with perceived net benefits