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Sarbanes-Oxley News & Developments
Solving the Audit GapTo keeping IT-related control deficiencies to a minimum, it is more important to improve communication than it is to improve your technology.
> > In the first round of internal control audits performed after the Sarbanes-Oxley Act passed, control deficiencies related to IT proved to be a major irritant to finance executives.
Frustration over such incidents boiled over during a 2005 roundtable on Sarbox section 404 sponsored by the SEC. Representatives of several major companies complained bitterly about the way audit firms evaluated IT control weaknesses, and argued that weaknesses might not even affect financial reporting.
Source: CFO
Published:2006-10-03
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