As part of our occasional series of conversations with compliance executives and others influential in the corporate governance world, we caught up with Laura Phillips, a member of the Committee on Corporate Reporting at Financial Executives International. Phillips is leading an ad hoc working group within the committee focused on internal control over financial reporting.
FEI and others have initiated dialogue with the Public Company Accounting Oversight Board, the Securities and Exchange Commission, and leading audit firms to try to sort out why many public companies sense a misalignment between auditor and management understanding of how to assess and report on a company’s system of internal control. As someone in the trenches of this effort, Phillips provides insight on how the working group is trying to help key capital market players work through tension around internal control audits.
