The Internal Auditor's Role in Sarbanes-Oxley

Senior Managing Director
PwC
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This article suggests that internal audit can play an important role in facilitating the implementation of Sarbanes-Oxley, and highlights four key steps to take.

The continuous stream of company collapses, highly publicized corporate scandals and the resulting Sarbanes-Oxley Act have dramatically changed the landscape of corporate America. A sound internal control environment and effective corporate governance process, which were once deemed to be best practices have now become mandated into laws and are a necessity to restore investors' confidence. However, many organizations are struggling with the most effective manner to set and to start the process that will meet regulatory and investors' expectations.

Enter the Internal Auditor. Internal audit has often been underutilized as a significant resource for sound corporate governance advice and invoking positive change in an organization's control environment. A value-added internal audit function offers a centralized and objective source of comprehensive information to management regarding whether an organization's control environment and governance process is operating effectively. This article suggests that internal audit can play an important role in facilitating the implementation of Sarbanes-Oxley provided that four key steps are taken.

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