answered corporate America's call for help like no other business function during the first year of compliance with the Sarbanes-Oxley Act. If not for the function's involvement in business process analysis, control testing, risk management, and forensic accounting, the business landscape would likely be littered with significantly more disclosures of material weaknesses and revelations of noncompliance with the law.
But as is the case with accomplishments of this magnitude, sacrifices were made. The traditional work of internal audit -- operational and systems audits, fraud investigation, and special project audit work -- became secondary. And, with the fortunes of a company tied more closely to internal audit than ever, companies may need to react to realize the full value of their internal audit function.
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