While new guidance from the PCAOB will help management cut auditing fees, companies are still on their own when it comes to trying to translate compliance and risk management into great performance
By Robert Rosenberg|October 01, 2007 at 08:00 PM
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When the Public Company Accounting Oversight Board (PCAOB) issued Auditing Standard 5 (AS5) guidance in May, most finance executives believed the worst of the Sarbanes-Oxley Act was behind them, and they would be correct–if their biggest goals were compliance and cutting auditing costs. While the new rule gives companies the green light to take a management-directed, top-down, principles-based approach to the SOX controls audit, it doesn’t provide any clue about how to translate the new SOX risk management approach into great performance. “That’s the ultimate challenge,” says Eric Keller, the CEO of accounting software provider Movaris Inc. “How do companies keep their eyes on performance rather than on the rearview mirror [of GRC]?”
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