A joint publication, written to help companies evaluate their current environment as it pertains to IT implications of the Sarbanes-Oxley Act of 2002, is being issued by the IT Governance Institute (ITGI). Co-authored by Christopher Fox, CA, PricewaterhouseCoopers LLP, U.S.A., and Paul Zonneveld, CISA, CA, Deloitte, Canada, the discussion document provides new guidance on information technology (IT) and financial control building on an IT control approach that aligns with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Control Objectives for Information and related Technology (COBIT) IT governance framework.
”IT Control Objectives for Sarbanes-Oxley: The Importance of IT in the Design, Implementation and Sustainability of Internal Control over Disclosure and Financial Reporting” is a discussion document. A final document will follow in approximately six weeks. Available as a complimentary downloadable publication from www.itgi.org, it provides assessment tools, control objectives and a road map that help companies seize the opportunity and turn compliance into a competitive advantage
"For many companies the increased level of engagement between IT management and external auditors under Sarbanes-Oxley will be a new challenge," said Lynn Edelson, partner and U.S. leader for systems and process assurance at PricewaterhouseCoopers. "Senior IT management needs to start talking with the external auditors about IT controls, including documentation and testing, quarterly reviews of significant changes in the IT environment, audit committee IT oversight and fraud controls."
"The Sarbanes-Oxley legislation has created a greater need for businesses to have IT controls in place," said Bill Levant, Deloitte partner and national leader for IT risk and control services. "Ensuring the reliability of financial data and maintaining ethical compliance is now the law and achieving that requires that the appropriate controls be put in place so that technology can enable compliance. In addition, the opportunity to revisit existing controls may lead to greater operating effectiveness and efficiency."
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