what is sox audit and how it is different from internal audit?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 prerana asked over 3 years ago

what is sox audit and how it is different from internal audit?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 3 years ago

Dear Friend, Internal audit organizations have been so consumed by SarbanesOxley [sic] that other priorities are falling by the wayside. Simply put, the legislation is diverting internal audit resources from risk-based auditing, creating the potential for dire consequences. That’s because a failure to address key strategic, operational and compliance risk areas in an internal audit program undermines the effectiveness of internal audit, diminishes its strategic value to key stakeholders, and exposes the enterprise to greater operational and financial risks in the future.”nternal processes are the activities that are defined from User to User and from Process to process. Any process that seems mundane like storing of records or production or maintenance falls under your Internal Control. Internal Audit is performed to check that all your "Internal Processes and Controls" are functioning properly and that there aren't any loopholes in the system.

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