Internal Controls SOX and Corporate Essay

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and, most internal auditors are still reporting to the CEO or chief financial officers -- the very people who were responsible for most of the past enormous scandals. Therefore, the affectivity of internal audits in correcting the original problems that caused the Enron scandal, for instance, is minimal at best right now. While SOX requires management to test internal controls over financial aspects of the corporation, this reporting structure poses obstacles.

Risk Management

While risk management, as part of corporate governance, includes identifying and tracking all risk areas and developing plans to deal with those risks, including fraud, it is clear that only with frequent re-assessment can risk management become an effective tool to control illegal and unethical practices.

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Again, along with other effective corporate governance activities and responsible company management, risk management has the potential to avoid another Enron.

Conclusion

HealthSouth Corp., Chiquita Brands, AIG, Bernard Madoff -- all are financial scandals since 2002, when SOX and other safeguards, were put in place. If corporate top level management is inclined to cheat and commit fraud, nothing, evidently, will stop them. We can only hope that the measures now in process will ease the consequences to investors and punish the offenders......

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