In the current business climate, companies are continuing to work toward meeting Sarbanes-Oxley compliance requirements. During the initial year of compliance, significant internal audit resources were directed to supporting compliance with Sarbanes-Oxley. This often resulted in the diversion of resources away from the existing risk-based annual audit plan. As a result, many internal audit departments now need to rebalance their audit plans to address the full range of key strategic, operational and compliance risk areas. Failure to rebalance the audit plan and resources can leave management and directors with less assurance about the effectiveness of non-financial controls and, by extension, less confidence in the overall operational efficiency and effectiveness of the enterprise.
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