Internal auditors have always had a problem expressing an opinion - or rather, expressing an opinion that others take the right way, with a proper understanding of its scope and type and the criteria used to produce it.The issue has come to the forefront recently as more corporate officers and audit committees respond to the demands of the Sarbanes-Oxley Act, especially Section 404, which requires officers to certify that their internal controls are sound and effective.

Understandably, these officers often rely on internal auditors to confirm that internal controls are adequate. They ask for an opinion from the chief audit executive, though neither they nor the CAE really know the scope and validity of the requested opinion. Understandably, the CAE is often reluctant to provide such an opinion.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access