In three years since the start of the US Financial Crisis, not a single high-ranking Wall Street executive has been prosecuted by the Justice Department for breach of the Sarbanes Oxley Act of 2002 (SOX). Is SOX unenforceable? What would happen to controls if SOX was repealed?
To be successful, every business must take some degree of risk. To truly understand if controls are working effectively to manage these risks, it is important to know how much risk your organization's governance is willing to accept.
Richard Chambers, President and CEO of The Institute of Internal Auditors, spoke of the Five Imperatives for Internal Audit at the 2011 Houston IIA Conference this Spring. In this newsletter, I share these imperatives with you. Internal audit teams that utilize RBIA should be happy to know they are ahead of the crowd.
Try this simple test to determine how effective your internal audit department is, especially if your company is in a cost reduction mode in order to compete.
Janet Clark, Executive Vice President and Chief Financial Officer at Marathon Oil, provided many great insights during her keynote speech at the Houston IIA Conference: The Evolving Role of Internal Auditors.
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