Further, the control framework must be continually reviewed to keep up with corporate strategic initiatives, reorganizations, and process changes. When an auditor becomes part of management, the independent view is lost. Sarbanes-Oxley Act Now let's turn to Sarbanes-Oxley. At its core, the Sarbanes-Oxley Act is a call to get back to the basics that we have been discussing.
Simply stated, the current status quo for corporate governance is unacceptable and must change. This message is applicable to both public and private companies alike and affects everyone within a company. 4  BIS Review 26/2003  •  The message for boards of directors is: uphold your responsibility for ensuring the effectiveness of the company's overall governance process.