New mandate: Reporting on internal controls

The Sarbanes‐Oxley Act continues to change the financial reporting landscape for publicly held companies. Public firms and their auditorsface a new mandate: Make sure internal controls exist to prevent or detect fraud. And beginning in 2004, they must report on how effective thecompany's internal controls really are. This will have a big impact on internal auditors' fees. More importantly, what must you do to meetthe new requirements? © 2004 Wiley Periodicals, Inc.