Friday, June 22, 2007

Audit Committees Searching e-Bay? IT Catching up to SOX as Source of Worry

A KPMG survey indicates that information technology is quickly reaching the level of Sarbanes-Oxley Section 404 (internal control) as a high-risk audit committee concern.
Only 15% of those surveyed were satisfied with oversight of IT while 90% believed that IT oversight deserved more time at audit committee meetings. By constrast, 80% of committee members were satisfied with audit committee oversight of management judgments and estimates and 60% felt that committees were spending sufficient time on these issues.

Sounds like a great marketing opportunity for Gregory LaFollette, Brian Tankersley and others in the information technology industry. I do not find this result surprising; there seems to be more people who understand intermediate accounting than those who are up-to-date on information technology.


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