According to a new survey from Protiviti Inc., a global consulting and internal audit firm, organizations today are realizing tangible benefits from updated regulatory rules and guidance pertaining to Section 404 of the Sarbanes-Oxley Act that were issued in May of 2007 by the Public Company Accounting Oversight Board (PCAOB) and U.S. Securities and Exchange Commission (SEC). According to the study, approximately four in 10 internal audit departments have been able to decrease the amount of time devoted to Sarbanes-Oxley compliance activities since the new guidance and standard were announced. As a result, these departments are increasing their efforts to "rebalance" toward both more traditional internal audit responsibilities that include regulatory compliance as well as being strategic business advisors to senior management and the board's audit committee.
For more information on the SEC's updated guidance regarding Section 404 compliance and the PCAOB's Auditing Standard No. 5, please refer to Protiviti's related SEC Report and PCAOB Update, both of which are available at www.protiviti.com.