In the past auditors of financial statement were required to provide an opinion on whether the company's financial statements were fairly represented and were in conformance with GAAP generally accepted accounting principles. The role of the auditors has changed many fold in the mordern sarbanes oxley era. No doubt, the auditor still needs to give an opinion on the fairness of financial statements, but additional requirements of Section 404 of the Sarbanes Oxley Act require management and the independent auditor to report on the effectiveness of the internal controls over financial reporting.

To draw a comparison between modern financial reporting and historical financial reporting over and above the requirement of financial statements to be fairly represented in all material aspects in accordance with GAAP which is common to both, modern day financial auditing under Sarbanes Oxley requires two additional things.

1. Management's report on the assessment of effectiveness of internal controls over financial reporting.

2. Independent auditors opinion on the internal control over financial reporting in addition to an opinion that the management's assessment of internal control over financial reporting is fairly represented.

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