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Take Control: Do You Know Your Role In Internal Control?

Richard M. Steinberg | July 13, 2004

With the continued emphasis on Sarbanes-Oxley and related regulatory mandates, managers are never far removed from the topic of internal control. And a recurring discussion topic revolves around responsibility—just who should own internal control?

It’s not an unreasonable query—penalties for failure to follow the dictates of Sarbanes-Oxley and related laws make compliance a personal and not just a corporate issue. In addition, organizations will spend prodigiously—at the rate of approximately $1 million for every $1 billion in revenue, according to analysts at AMR Research—to ensure compliance. With the personal and corporate stakes so high—in terms of both potential penalties and economic and reputational issues—it’s well worth considering where controls ownership is best...

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