Introduction
United States (US) public companies are navigating new reporting and monitoring demands arising from new regulation and societal trends. The Sarbanes-Oxley Act (SOX) and the apparent conversion of US Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS) have created reporting issues for US companies. In addition, an ever-increasing environmentally conscious investor group has raised the demand for sustainability metrics and the recent financial crisis has led many companies to develop more elaborate enterprise risk management (ERM) practices.
Structured interviews with Chief Audit Executives (CAEs) of 11 large publicly traded companies (average revenues of $4.92 billion) with offices in Northeast Ohio were conducted to provide insight to these changes. The CAEs are well-seasoned professionals with an average of 19.2 years’ intenal audit experience. The internal audit staffs ranged from three to 80 individuals, with an average of 15.5. These individuals are leading professionals in internal auditing. Their opinions and insight are consolidated and summarized in this article to be useful to management as they consider the direction and scope of their company’s internal audit function, to internal auditors as they assess their role in the current business landscape, and to academics as they discern emerging business trends and challenges.
See full Article: http://www.accountancy.com.pk/articles.asp?id=206
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