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Paper Clarifies Internal Auditing's SOX Role

The Institute of Internal Auditors (IIA) in the US has issued a position paper clarifying the role of the internal auditor in Sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX).

SOX specifies the roles of management, audit committees and external auditors, but it does not specifically address the roles internal auditors must play. Internal Auditing's Role in Sections 302 and 404 of the U.S. Sarbanes-Oxley Act of 2002 provides guidance on short-term issues during the implementation phase of the reporting process. It also answers questions about the long-term involvement of internal auditors.

The paper, available for download on the IIA's Web site, provides recommendations of services internal auditors can perform in meeting the requirements of Sections 302 and 404 that should not interfere with the independence and objectivity requirements established in The IIA International Standards for the Professional Practice of Internal Auditing.

“Internal auditors are well-positioned to play significant roles throughout the SOX compliance process, and this paper illustrates how organizations can tap into their expertise and experience,” said IIA President David A. Richards, CIA.

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