Assessing Internal Controls Under Sarbanes-Oxley
- Tags:
- Audit,
- Sarbanes-Oxley,
- Regulatory Compliance,
- Regulations,
- Protiviti,
- Policies And Procedures,
- Internal Control,
- Human Resources,
- Government,
- Financial Accounting,
- ...
- Source:
- Protiviti
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Overview: Executive management has always had responsibility for the design and effectiveness of the internal control structure. Now, because of the Sarbanes-Oxley Act of 2002, that responsibility has been explicit for all to see. The paper summarizes that management must make assertions and is likely to rely on internal audit. They can't have the outside auditors rely on internal audit's work. That's key. External auditors can provide advice but not do the internal work. There's a fine line as to when advising turns into doing. There's no definition of where that line is.
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