IIA calls for more representatives on the record.

According to The Institute of Internal Auditors president David A. Richards, the CEO and CFO are not the only corporate executives accountable to stakeholders. "Individuals in critical positions charged with overseeing the organization's control structure and accuracy of financial information should step up to the plate and go on record," says Richards. "This is one of the best ways for organizations to regain the public trust." Richards is encouraging management to be forthright regarding the infrastructure put in place to ensure the accuracy and completeness of the organization's financial reporting.

Richards suggests that the chief audit executive (CAE), the audit committee chair, the chairman of the board, the chief risk officer, the chief information officer and the chief legal counsel should all be considered key players in ensuring the accuracy and completeness of an organization's financial reporting. For instance, the CAE plays a vital assurance role when issuing an opinion on the internal controls of the organization.

The AC Chair, meanwhile, oversees the work of the chief risk officer, external auditors, and internal auditors, and is responsible for reviewing the financial statements prior to release.

The chairman of the board has significant responsibility regarding a level of comfort with financial and governance-related areas of the organization, and as such, is a key link between investors and operating management.

For more information on the IIA's perspective on this issue, visit www.theiia.org.