Saw it on the http://www.coso.org website.  A new September 2007 paper covering internal control integrated framework, guidance on monitoring internal control systems.   Discussing the role of the board and the audit committee, the paper states that controls performed below the senior management level can be monitored by management, but controls performed directly by senior management, and controls designed to prevent or detect senior management override of other controls must be monitored by the board or audit committee.   The board or audit committee also should consult with the outside auditor about those matters, but should not reduce its monitoring efforts simply because the outside auditor may not have found errors or control weaknesses.