Sarbanes Summit: Taking the Right Path

   PriceWaterHouseCoopers , 2006

   Although the Sarbanes-Oxley Act of 2002 does not apply directly to colleges and universities, many institutions are voluntarily implementing some of its provisions. Jay Morley from NACUBO, John Mattie from PricewaterhouseCoopers , and Molly Broad, then president of the University of North Carolina, convened a "Sarbanes Summit." "to discuss and develop recommendations about the following four areas:

• Governance
• Internal controls
• Certification
• Enterprise risk management

The idea was to bring together a group of presidents and business officers to jointly discuss each area, including current practices, Sarbanes-like proposals, recommended actions, and overcoming the implementation barriers. This paper, Sarbanes Summit: Taking the Right Path, captures the ideas and recommendations expressed at the Summit.

PricewaterhouseCoopers (or PwC) is the world's largest professional services firm. It was formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand. PwC is the largest of the Big Four auditors, whose other member firms include Deloitte Touche Tohmatsu, Ernst & Young and KPMG.

PricewaterhouseCoopers earned aggregated worldwide revenues of $20.3 billion for fiscal 2005, and employed over 130,000 people in 148 countries.

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