Submitted by LQSmith on January 4, 2008

• Category: Administration
• Words: 328
• Pages: 2
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Corporate Compliance Benchmarking

Introduction
Technological advancements, an increase in the number of business failures and the widely publicized corporate scandals which have rocked the nation’s confidence have forced companies to place more emphasis on internal control systems and audits. Section 404 of the Sarbanes Oxley Act requires public companies to include a report about the effectiveness of controls in their annual form 10-k. Internal controls consist of procedures used by management to ensure accuracy and reliability in performing certain business functions such as financial reporting. Furthermore, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control as...

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