It doesn't matter whether your company is public or private. The Sarbanes-Oxley Act, combined with new risk assessment auditing standards, have made significant changes in the way audits are conducted. Today, these changes require a greater consideration of internal controls by your manufacturing company and its independent auditors. Here are four smart choices to help accomplish these requirements at your company while potentially reducing your total cost of compliance:
1. Prepare a high-level risk assessment.
2. Identify entity-level, monitoring and period-end controls.
3. Identify transactional controls
4. Evaluate your findings and communicate them with independent auditors and staff members.
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