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Insight: Less Loose Change – IT Week

Insight: Less Loose Change – IT Week

by Rick Turoczy on October 25, 2005

Sarbanes-Oxley and its demand for better internal controls has had a positive effect on business at PRGSchultz, the world’s largest recovery audit firm, according to Ian Griffiths, chief financial officer at the firm’s European operations.

“Since UK subsidiaries of US-listed companies need to comply with the new US regulations regarding internal controls and corporate governance, companies are now drilling down into their control frameworks to see where their internal control and risk management systems are weak or can be improved,” says Griffiths.

“As a result, we are getting more requests to evaluate systems and controls because clients are much more aware of the downsides of poor risk management.” He adds that recovery auditors may be in a position to steal a march on external auditors.

“Sarbanes-Oxley has made companies much more risk-aware. Because we deal with a very niche and specialised area of audit investigation, we are getting requests from clients and other companies to carry out work that is outside our core service offerings,” says Griffiths. “However, due to our forensic, investigative, and analytical skills, we are being asked to get involved in areas which previously we would not have considered to be part of our remit.” He declined to name these areas, however.

Insight: Less Loose Change – IT Week

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