Establishing a New Shop

Several auditing professionals shared their views on an internal audit manager that looks to set priorities for his recently formed department. Jason has just started his new job as audit manager with Ericksen, a privately owned furniture manufacturer with annual revenues of just over US $200 millio...

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Bibliographic Details
Published inThe Internal Auditor Vol. 63; no. 6; p. 81
Main Authors Herrera-Price, Leticia, Hirth, Robert, Hower, Fred
Format Trade Publication Article
LanguageEnglish
Published Altamonte Springs Institute of Internal Auditors, Incorporated 01.12.2006
Subjects
Audit committees
Audit departments
Auditing
Auditors
Charters
Chief executive officers
Compliance
Corporate governance
Cost control
Financial reporting
Initial public offerings
Internal auditors
Internal controls
Private sector
Professional responsibilities
Public Company Accounting Reform & Investor Protection Act 2002-US
Risk assessment
Risk management
United States > US
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Summary:Several auditing professionals shared their views on an internal audit manager that looks to set priorities for his recently formed department. Jason has just started his new job as audit manager with Ericksen, a privately owned furniture manufacturer with annual revenues of just over US $200 million. Leticia Herrera-Price, CIA, CFE, Director of Internal Audit at H-E-B Grocer, said that by establishing an audit process first, rather than beginning his efforts with a Sarbanes-Oxley project, Jason can educate management on the importance of risk management via controls to help ensure operational effectiveness and efficiency, financial reporting accuracy, and asset security. Robert Hirth, Managing Director of Internal Audit Services at Protiviti Inc, said that regardless of individual circumstances, auditors charged with establishing a new shop should always start with a charter and a risk assessment. Helping management ensure the company can comply with Sarbanes-Oxley and does so cost effectively will enable Ericksen to improve its internal controls over financial reporting.
ISSN:0020-5745