The Institute of Internal Auditors has formally recommended that the requirement for an external auditor to attest to a company's internal controls be removed under Section 404 of the Sarbanes-Oxley Act.
The IIA said that it believes the requirement is redundant and the other two attestations required under SOX are sufficient to carry out the legislation's intent. The institute also said that it believes such a change will increase shareholder value by decreasing company audit costs.
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