A ) Expressing an Opinion - R esources
Guide to the Sarbanes-Oxley Act: Internal Control Reporting Requirements -
Frequently Asked Questions Regarding Section 404
Updated to reflect PCAOB Auditing
Standard No. 2.
2. RIA's recent Practical Guide to Internal Control (publication) --
Is Sarbanes-Oxley Compromising Internal Audit?
Internal auditors at many companies have been so consumed by the legislation that traditional priorities are falling by the wayside. But some organizations are finding ways to balance the function's ongoing compliance responsibilities with a renewed focus on strategic and operational risks.
4. An interesting article - How Markets Punish Material Weaknesses
5. An article about the IIA opinions paper
B ) O ther leading "good governance" focused resources:
1. 20 Questions Directors Should Ask of Internal Audit
Note - A free PDF of the above report is available for IIA members at - http://www.theiia.org/iia/download.cfm?file=2927
2. Internal Audit's Impact on Audit Committee Effectiveness
During the month of February 2004, the Audit Director Roundtable conducted a survey of Internal Audit Directors and Audit Committee members. The survey intended to gain an understanding of changes in the relationship between the Internal Audit department and the Audit Committee in light of recent corporate governance regulations. Survey results indicate that Internal Audit maintains a disproportionate focus on reporting lower-value activities to the Audit Committee. Results demonstrate a performance gap between Internal Audit objectives and actions and an expectations gap between Internal Audit and the Audit Committee.
3. Audit Committee Effectiveness—What Works Best, 3rd Edition
Sponsored by The Institute of Internal Auditors Research Foundation and prepared by PricewaterhouseCoopers. Corporate financial reporting continues to be under intense scrutiny—placing audit committees firmly in the spotlight. Audit committees are finding their workload has expanded significantly. The issues they now face are more challenging than ever, as their responsibilities expand well beyond the complexities of financial reporting. Audit committees may oversee risk management and many monitor compliance with laws and regulations and codes of conduct. At the same time, committees must find the appropriate balance between overseeing and advising management, recognizing that the balance shifts over time. Adding to these challenges are concerns about personal liability, especially for committee chairs and financial experts.
This research report has been prepared to help audit committee members effectively and thoughtfully discharge their duties. It provides direction on how best to carry out their responsibilities by providing numerous examples of how leading audit committees are not just coping, but succeeding. In short, it is your guide to what works best.
Corporate Governance and the Board - What Works Best
Corporate Governance and the Board - What Works Best delivers exactly what its name suggests. Presenting the best ideals for the highest level of board effectiveness, this publication astutely guides board members in their role of enhancing shareholder value. A must-read for all directors, regardless of their organization' s size or industry, this practical resource is sure to become the board beacon for years to come.
5. Finally, other leading IIA guidance
C ) Some leading Internal Auditing resources:
Practical Considerations Regarding
Internal Auditing Expressing an Opinion on Internal Control
2. Internal Auditing's Role in Sections 302 and 404
3. COSO Internal Control Integrated Framework (ICIF)
4. The IIA research report "A
Framework for Internal Auditing's Entity-Wide Opinion on Internal Control"
5. Key Controls: The Solution for Sarbanes-Oxley Internal Control Compliance
6. IIA Sarbanes and Governance resources resources are at:
8. IIA bookstore items regarding risk and control
10. Finally, Internal Audit's Role in Corporate Governance: Sarbanes-Oxley Compliance