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Corporate Governance Certification
To get more information click here. AuditNet® Community Sponsor News!
The AuditNet® community has grown by leaps and bounds over the past ten years thanks to your continued support. Yes it is hard to imagine but it has been a decade since this community was created! Support AuditNet® by supporting our sponsors. Without sponsor and affiliate advertising and contributions from the AuditNet® community everyone would have to pay for use of this site.
This month check out Protiviti KnowledgeLeader Internal Audit Community, a web-based internal auditing tool that will help you identify risks, develop best practices and add value to your organization. KnowledgeLeader provides internal audit tools, checklists, and templates as well as news and updates on the latest business risks and controls. Remember! Clicking on sponsored ads and visting their sites helps support AuditNet®. Quality Assessment – Common Pitfalls and Making Preparations Whenever Brian Kruk helped internal audit departments perform quality assessments, he more often than not uncovered a shortcoming or two. But the most common finding, recalls Kruk, former director of quality assessment (QA) services at the Institute of Internal Auditors, was a bit of a surprise. Click here for the rest of the story! This article was contributed by Protiviti KnowledgeLeader, an online service providing tools, templates, and other resources for internal audit and risk management. Free trials available at www.knowledgeleader.com. For a limited time KnowledgeLeader memberships are available for the reduced rate of $595 per year. Tell them you heard about it from AuditNet.org. AuditNet® What's New This Month? This month we added an Auditor's Guide to Privacy Resources page. There are three new book reviews. If you would like to review books please let me know as I could also use a fresh set of eyes! The AuditNet discussion forum page has almost 300 registered members. There are threads for special interest groups, Sarbanes-Oxley and more. The more auditors that participate, the livelier the exchange so get connected and start posting! The AuditNet PowerPoint Presentation Library Exchange is ready and auditors have begun to share their work to help the entire community. A page is also available for Expressing an Opinion on Internal Controls. The corporate subscription rate was added to the annual subscription program. Organizations that need more than 2 staff members accessing the service will benefit from this new rate. There are new additions to the audit programs subscription service available as an alternative for those auditors that are unable to contribute material to AuditNet®. All this and more! The best way to find all the resources on the site is by going to the Virtual Library or use the site search. AuditNet® Policies and Procedures Column Policies and Procedures Updateby Rose Hightower Policy Guru for APPLE Thank you to all who have shown support of the Policy Guru. In order to better serve you, when asking questions, please identify the company or type of industry and process you are referring to. Questions are still coming in about how to get started. The policy statement is often the most difficult aspect to determine. I find that unless the policy is driving the process, it is better to begin with the process, representing the current state. For the rest of the story click here! AuditNet® Creates A PowerPoint Presentation Sharing Library AuditNet® introduces a new sharing exchange library for audit presentations. Similar to the popular audit program exchange library, this page will provide sample actual training/briefing presentations from auditors. We encourage contributed material from the audit community. In light of the Sarbanes-Oxley demand this should be of great benefit to auditor communications to Boards and management. As with other AuditNet® services, together, we will build this page to serve presentation needs to shortcut the preparation process. If you have a presentation to share please send it to me for posting in the exchange library or provide the URL link where the presentation resides. Make sure you include the subject area such as: Sarbanes-Oxley I am encouraged by the initial response and believe that this concept will offer the same opportunities offered by the audit programs library by making sure that auditors do not have to "reinvent the wheel" or by facilitating the presentation process with a template starting point. AuditNet: Auditors Sharing Knowledge for Progress For the current additions and page click here!
Management of
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Robert Wardle, director of the UK's Serious Fraud Office, tackles not
only the toughest cases but lengthy trials and mounds of evidence. A
veteran of the SFO, he juggles it with aplomb.
Robert Wardle's success often places him in a quandary. The UK's Serious Fraud Office (SFO), which he directs, tackles only the most complex and difficult cases. And since the Office's inception in 1988, it enjoys an 84 percent conviction rate. But those cases often guarantee lengthy trials, expensive costs, and sometimes confused juries. Wardle is determined to solve that problem and bring the worst UK fraudsters to trial. |
This article is from Fraud Magazine, the professional magazine
of the Association of Certified Fraud
Examiners
For the rest of the article from the latest ACFE Fraud Magazine click here.
New York State Comptroller
Pushes School Districts to Enhance Controls and Oversight
In response to taxpayer concerns, the State Comptroller’s Office worked with a coalition of school and professional organizations, including the New York State School Boards Association, the New York State Society of Certified Public Accountants, the New York State Council of School Superintendents, the New York State Association of School Business Officials and the State Education Department (SED) to develop policy solutions to improve the internal control structures in school districts and increase the effectiveness of financial oversight mechanisms.
As a result of these efforts, new State legislation was enacted in July 2005 that will strengthen auditing, training and financial oversight by school district officials and boards. The new law includes the following key provisions:
- Requires six hours of training for school board members on their financial oversight responsibilities.
- Establishes an internal audit function within each school district.
- Creates audit committees in school districts.
- Mandates a competitive RFP process for selecting audit firms at least every five years.
- Improves the effectiveness of annual external audits by requiring direct school board involvement and a formal response to issues raised in the audit.
For the complete story click here!
Audimation Services
Fighting Fraud with Data Mining Techniques
New 2005 Schedule
Learn how to create, implement, and
maintain a fraud program – start to
finish! ... Tighten controls, strengthen
your fraud program, and recover
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AuditNet Enterprise Risk Management
Beyond Sarbanes-Oxley
by Jim D'Arcangelo
Now that your organization's initial work for the U.S. Sarbanes-Oxley Act of 2002 is winding down, what will you do with your team of Section 404 experts? They have worked hard, going through exercises to support the certification of the company’s internal controls over financial reporting. The next logical step would be to leverage that investment and implement a total enterprise risk management (ERM) framework.
Click here for the rest of the story!
COSO releases small business SOX guidance exposure draft
COSO’s latest project, Guidance for Smaller Public
Companies Reporting on Internal Control over Financial Reporting, will
guide smaller public companies through the process of applying the
Internal Control — Integrated Framework when assessing and reporting on
the effectiveness of internal control over financial reporting. To access
and comment on the exposure draft, visit COSO’s Web site at -
www.coso.org or AuditNet subscribers can
download a copy from AuditNet.
AuditNet® Conference & Training News
Want to announce your professional association conference to the global audit community? Send us conference name, date and URL details. (A reciprocal link to AuditNet is required).
2005 ACFE Fraud Conferences and Training
2005 IIA Conferences and Training
* indicates events where Jim Kaplan is speaking
Pleier Corporation is still seeking
additional authors to publish on CD and earn royalties. |
E-Books for
Subscribers to the Annual Audit Programs
Note: The SarbOx Section 404 Compliance Tips for IT Managers was updated to reflect new compliance dates.
Heard on the Net!
AuditNet® Knowledge Resources for Auditors
Tapping knowledge feeds or having digital information delivered directly to an auditor's desktop is one of the core competencies of digital literacy. So how do auditors find knowledge feeds that provide relevant information? Here are a few knowledge feed resources that I have found useful for auditors:
ACCA Internal Audit Bulletin for Internal Auditors
Send an e-mail to: info@accaglobal.com putting the word 'REGBULL' in the subject line. Please include your full name, clearly state the type of organization that you work for and whether you are a member of ACCA. This enables them update their records and ensure that the Bulletin contains information that is of interest to its readers. The service is open and free to all internal auditors across the world, regardless of whether or not they are members of ACCA.
Thanks for your support and until next month!
If you have a tip on how you are using the Internet or software applications for auditing send them to editor@auditnet.org Watch for more Internet boot camp tips from the auditing Internet guru!
Audit Work Programs Corner
The following audit programs, ICQs, checklists
or working papers were added this month. They are in
or 
format.
Some may only be available in exchange for an audit work program
contribution not currently in the inventory.
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Branch ATM Audit Checklist-Banking (Dec 05)
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Customer Focus ICQ (Dec 05)
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Decision Making ICQ (Dec 05)
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Deposits Audit Program-Banking (Dec 05)
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Cash Security ICQ-Banking (Dec 05)
Documents in the Queue!
Beginning in January all new documents will be added to the Subscriber Section and will require a contribution exchange or subscription
Audit Program Subscribers
The following documents are available to subscribers to the Audit Programs Subscription Service. Non-subscribers may exchange an audit program not currently in the inventory for each program requested.
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Advertising & Promotional-Retail (Dec 05)
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Business Continuity Audit Program-Financial Services (Dec 05)
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Contract Management-Steel Industry (Dec 05)
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Disaster Recovery Test Audit Program-Healthcare (Dec 05)
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Human Resource Transaction System Review-Healthcare (Dec 05)
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Local Area Network Audit Program (Dec 05)
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Parking Garage Audit Program-Healthcare (Dec 05)
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Petty Cash Review-Healthcare (Dec 05)
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PIN Security Program-Auditors Guide (Dec 05)
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SOx 404 Sales & Accounts Receivable Transaction Walkthrough (Dec 05)
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Third Party Portfolio Audit Program (Dec 05)
Looking for Auditors?
If your company has any audit job vacancies that you are looking to fill, have your HR people contact AuditNet® to post the job and search for candidates. Using the jobs section helps support AuditNet® as well! For more information click here.
Sarbanes-Oxley Corner
White Paper Reveals Impact of S-Ox on AP Functions
By Mary Schaeffer
Editorial Director
Accounts Payable Now & Tomorrow
The Sarbanes-Oxley Act has changed they way organizations (both public and private) handle their accounts payable operations. We’re not just talking about the way invoices are handled, but also related functions such as 1099 reporting, unclaimed property, sales and use tax, T&E, etc. Accounts Payable Now & Tomorrow (www.ap-now.com), a newsletter for professionals interested in payment issues, recently polled a group of its readers to determine if and how the Act had changed the way various accounts payable functions were handled. “We were surprised to find that organizations of all types have been influenced by the Act,” says Mary Schaeffer, the publication’s editorial director. Interestingly, the impact is not limited to public companies.
The results of the poll along with some recommendations are available in a white paper, Internal Controls & Accounts Payable: The Effect of the Sarbanes-Oxley Act on Both Private and Public Companies. The poll, on which the report is based, was conducted as part of the research for a new book, Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls to be published next year by John Wiley & Sons.
Auditnet.org has made arrangements for its readers to receive a copy of this paper when they sign up to receive the complimentary quick-read e-zine (delivered weekly via e-mail) e-News from the AP Front. Both will be delivered to you at no charge. You can sign up for the white paper and the e-zine at www.ap-now.com/e-zine.htm.
5 Signs That Your Audit Planning Approach is Failing
by Bruce McCuaig CA, CCSA, CIA
This is the time of year that many audit departments start to think about planning for the year ahead. The current years audit coverage is well under way, general business conditions are known and audit resource levels for the year ahead can be anticipated with some degree of certainty.
For the rest of the story click here!
Bruce McCuaig CA, CCSA, CIA, Principal Consultant, Collaborative Assurance & Risk Design with Paisley Consulting, the Cokato Minnesota business accountability solutions provider. Contact: bruce.mccuaig@paisleyconsulting.com
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Making the Most of the Job Fair Experience By Robbie Miller Kaplan, author of “How to Say It In Your Job Search” Prentice Hall Press 2002. Job fairs offer big benefits to job seekers. You have an opportunity to network, identify what employers are seeking in applicants, participate in actual interviews, practice your interview skills, and maybe - get a job offer! If nothing else you can apply what you learn to more clearly target your resume for positions of interest. How can you prepare and maximize the job fair experience? It’s helpful to prepare as if it were a job interview; bring along professional copies of your resume, practice responding to interview questions, and dress as if you were attending a job interview. You’ll make the best impression if you research the organizations prior to the job fair. Get a sense of what is going on with the organization. Are they expanding? Merging? Did they just receive a government contract? Launching a new product? If you have a sense of what is going on, you can craft an appropriate question or, you can read up on the organization to have an idea of who they are and then ask questions to share a bit of their own information with the recruiter or interviewer. How can you ensure a successful job fair experience? It's good idea to work the entire fair. Begin with organizations of least interest and work up to your top choices. You'll gain more confidence with each experience so you'll be in top form for your top picks. Prepare and introduce yourself to each employer with a 30-second introduction; include what you have been doing, what you are looking for and the skills and experience you want to use. Always collect business cards and definitely follow up with employers that you interviewed with if you are interested in them. You can also solicit feedback on your resume to ensure it is a strong as it can be. While waiting in line, read some of the brochures you pick up or an industry publication. And don’t just network with employers; network with other applicants. Find out what they are looking for, share a lead with an organization that is not a fit but may fit the applicant, and visa versa. Follow up with individuals you met so you can expand your network. You never know where or when the perfect lead will materialize; make sure you don’t miss it. |
AuditNet® CAATT Corner
Audio Conference-Building Anti-Fraud Programs and Controls that Run on Auto-Pilot
Rich Lanza, CPA, CFE, PMP
The well-publicized scandals surrounding some of the world’s largest companies have led many organizations in both the public and private sectors to be more proactive in taking steps to prevent or deter fraud.
Savvy financial professionals know they need to implement more anti-fraud procedures—not simply because they’re a regulatory requirement of Sarbanes-Oxley—but because they create bottom-line savings for their company. After all, an estimated 6% of any one company’s revenue is lost to fraud!
Building Anti-Fraud Programs and Controls that Run on Auto-Pilot
Friday, December 2, 2005 * 2:00 PM ET
Join IOMA and anti-fraud expert, Rich Lanza, in this must-attend
audio program for some quick steps that can be taken immediately to
build your anti-fraud program. Learn how to automate and put these
procedures on auto-pilot so you can relax and get on with growing
your company and your career.
For the Conference details and registration information click here!
AuditNet® Book Reviews
AuditNet® Software Compliance Audit Corner
PCProfile Offers Discounted Prices to AuditNet® for the Software Compliance Toolbox©
The Software Compliance Toolbox
provides detailed information and guidance on how you can manage
software compliance affairs across the whole organization with a large
set (over 70 articles) of self help articles that are based on audit
experiences and knowledge gained over 15 years in this industry. To
gain this level of detail most sites traditionally engage
consultants at expensive hourly rates to gain the same level of
awareness. The details in the Software Compliance Toolbox (templates,
policy, declarations etc, resources and tools) are designed to enable
sites to "do it themselves", saving costs all round by focusing on
getting back to business basics.
For AuditNet special pricing click here!
Your Secret Weapon in the War on Fraud
The November 2005 issue of this fraud newsletter features articles on enforcing ethical standards, unattended computers, cost effective information security compliance and more. AuditNet® users qualify for special rates on this publication. For more information click here.
Fraud Awareness Free Pilot Program Available for AuditNet® users
FraudAware is a unique interactive on-line awareness course designed to help managers and line employees recognize the red flags of accounting fraud, embezzlement, theft of trade secrets or confidential customer data, vendor and payroll schemes, identity theft and more. Customizable to your specific risk management policies and procedures and code of conduct, FraudAware also directly supports compliance with the whistleblower provisions of Sarbanes-Oxley by equipping employees with the awareness and knowledge necessary to make effective use of the new law’s mandatory fraud reporting hotline.
AuditNet.org and White-Collar Crime 101 LLC, developers of FraudAware, are pleased to offer Free Pilot programs of the FraudAware course for up to 20 managers or line employees at your company.
For information on this program go to www.auditnet.org/fraudaware.htm
The AuditNet® Audit Bookstore Corner
Looking for books on auditing related topics? We suggest using the AuditNet® bookstore. The bookstore focuses on Internal Audit but includes other related subjects as well. AuditNet® uses Amazon to power the bookstore so each purchase you make through this link helps support AuditNet®.
How to Say It When You Don't Know What to Say The Right Words for Difficult Times
By Robbie Miller Kaplan
As auditors we constantly interact with diverse stakeholders such as colleagues, managers, employees and others. Frequently we encounter people dealing with challenging and difficult times that may or may not be related to work. Our reaction to these situations is conveyed in our behavior both nonverbal and verbal.
For the rest of the review click here.
FREE! The Auditor's Guide to Internet Resources 2nd Edition
Interested in a free copy of The Auditor's Guide to Internet Resources, 2nd Edition? Write an article for the next newsletter on how you are integrating the Internet in auditing. If your article is selected, I will send you an electronic copy of the book. Contact us for details.
AuditNet® Vendor News
Check here for the latest news from our AuditNet® sponsors!
Paisley Consulting press releases
AuditNet® Partner Discounts
Check out all the software vendors that offer discounts to the AuditNet® community.
AuditNet® It pays to be a member!
For information on partner discounts click here.
AuditNet® Resource List Updates
Please let us know of links that are not working!
AuditNet® Statistics
For those who like to wade through the details on how popular AuditNet® is, click here for the current stats.
Amigo in Spanish means "friend" and this new audit documentation tool could help the AuditNet community. Auditors are always looking for new tools to make their jobs a little easier. I was pleasantly surprised when I received an email from an auditor that developed this audit documentation tool. He advised that he was making this tool available freely to the AuditNet community. AMIGO, the Audit Management and Information Guidance Software is a simple audit documentation software for the individual auditor. It allows internal auditors to
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Design audit programs and program templates based on requirements
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Document work done in simple electronic audit work papers
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Document issues in a simplified issue format
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Print work papers, issues and report as required
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Generate reports
AuditNet will work with this auditor to add features and improve the system. All we need is your feedback on using the system.
To get your copy of AMIGO click here!
Free Tools for Audit Program Subscribers
Sarbanes-Oxley Enterprise Risk Management Software
SOXERM is a small and user-friendly, but powerful database which documents in a convenient format the key internal controls of your company. The main purpose is to give a cost-effective answer to the new Sarbanes-Oxley (SOX) requirements by providing adequate documentation to the Audit Committee and the External Auditors that the Company has identified, reviewed and addressed the main risks, is constantly monitoring them and taking appropriate action when required. The software requires Lotus Notes and is free to AuditNet Audit Programs Subscribers.
Coming Attractions!
Beginning in January all new audit programs will be available only to annual subscribers. Subscribe now to lock in the subscription rate for 2006.
The AuditNet Monograph Series provides useful guides for all levels of auditors from juniors right up to audit directors. New guides are under development for Sarbanes-Oxley, internal controls and Internet for auditors. These guides will be available to subscribers. If you are interested in developing a monograph on a contract basis, contact us.
Watch for new articles on Sarbanes-Oxley, Information Security, Software Auditing, CAATTs, and more from contributors. Reviews are in the works for audit books, Sarbanes-Oxley book series from Wiley and more. Watch the newsletter for more products, services and tools for auditors. Have an idea for a column? Contact us.
AuditNet® continues adding new specialized resources for auditors. Watch the newsletter and keep checking the Library page for updates and new resources.