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Sarbanes-Oxley News & Developments
Internal Auditors - newest starsInternal Auditors no longer viewed as low-level compliance posts.
> > Forget flamboyant chiel executives, high-rolling venture capitalists and fast talking analysts. These days, the hottest job in Silicon Valley is .. internal auditor.
Internal Auditors are the folks paid to sniff out problems like embezzling chief finalcial officers or fraudulent bookkeepers, and set up the controls to prevent them. But during the bubble many companies, especially young Silicon Valley start-ups, saw little need for such corporate overseers.
THAT HAS ALL CHANGED.
Internal Auditors note proudly that their jobs are no longer viewed as low-level compliance posts, but instead have become influential executive-level positions with clout and muscle. After all, it was an Internal Auditor - Cynthia Cooper - who discovered the massive fraud at WorldCom and became a Time Magazine Person of the Year.
Sarbanes-Oxley also requires companies to fully document their internal controls for financial reports, and get an outside auditor to bless them. That is a major change in many cases.
Source: Mercury News Article by Deborah Lohse April 6, 2003
Published:2003-04-07
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