Sarbanes-Oxley

Evaluating internal controls - Evaluating overall effectiveness, identifying matters for improvement, and ongoing assessment of controls

Ernst & Young is advising US companies and their overseas operations in implementing the Sarbanes Oxley Act. Read more on Ernst & Young insights on Sarbanes Oxley 404 implementation:
While companies have long recognized the importance of strong internal control, the Sarbanes-Oxley Act of 2002 (the Act) now makes executive management responsible not just for establishing, evaluating, and assessing over time the effectiveness of internal control over financial reporting and disclosure, but also periodically asserting to its effectiveness. The Act changes the regulatory landscape for public companies and presents serious consequences for those companies that fail to comply with the new requirement. However, this new challenge presents opportunities for companies that not only recognize and accept the new regulatory landscape, but also rather view the evaluation of internal control over financial reporting as more than a compliance process and recognize it as an opportunity to reach a higher level of financial reporting integrity and corporate performance.

Evaluating internal controls - Evaluating overall effectiveness, identifying matters for improvement, and ongoing assessment of controls