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Importance of internal control to a business

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Reference no: EM13953485

Explain the importance of internal control to a business and the significance of the Sarbanes-Oxley Act of 2002.

  • The Sarbanes-Oxley Act of 2002 required publicly traded companies to improve the documentation and functioning of their internal controls.
  • Management must now render an opinion on the efficiency of the company's internal control system. A strong control environment is a must for companies.
  • Auditors also must increase their documentation and understanding of the internal controls of their clients.
  • Significant amounts of resources have been devoted to comply with the provisions of Sarbanes-Oxley.

Reference no: EM13953485

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