Interesting news today from Financial Week, which reports on a survey out from KPMG and the National Association of Corporate Directors ranking risk management as the biggest concern for audit committees — surpassing even accounting as a priority. Whoa. Seems like audit committees’ confidence in their own abilities to identify and assess business risks in the company aren’t what they should be — likely, the survey says, because of the serious write-down climate we’re in these days.
The survey also says (will we ever tire of saying “Survey says?” Not likely.) this underscores the importance of SOX. Now, far be it from us to downplay the importance and impact of SOX. SOX and Audit Trail go way back. But aren’t massive write-downs a risk on their own? Reason enough to bring cross-functional teams together to identify risks and decide on and implement controls to manage those, so that business can continue with mitigated risks? Sure, it’s good for meeting SOX requirements, but it’s also seriously good for business, which is why we’re all here, isn’t it?
See full Article.
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