Four top audit executives at large companies shared their thoughts Wednesday afternoon at Compliance Week 2007 on how their organizations embraced a more risk-based approach to auditing their internal controls for financial reporting.
Foremost on their minds: effective risk assessments, strong processes to certify risks and controls, and how to reduce the menial testing of controls that might not be truly relevant to the accuracy of financial statements.
Cunningham
Regulators have promoted the idea of a risk-based approach to audits of internal controls for two years, and recent new guidance from the Securities and Exchange Commission and the Public Company ...