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Corporate Governance Certification
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This month check out Pentana; software for audit professionals, including integrated risk and audit management, staff scheduling and information security questionnaires. Remember! Clicking on sponsored ads and visiting their sites helps support AuditNet®. Procurement Contract Risk Management In partnership with APICS, the Association for Operations Management, Protiviti recently conducted a focused and extensive study of procurement contracting and related contract management practices and risks. Among the many key findings, the results of the survey indicate that a large proportion of organizations need to improve the management of their procurement contract risks and opportunities. Click here for the study! This tool 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? The audit programs section of AuditNet now requires registration in order to access. New audit program contributions are available only to paid subscribers or on a one-for-one exchange basis. There are over 18,000 registered users. 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 over 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. A multi-user subscription rate was added to the individual subscription program to the premium content. 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.
The North Jersey IIA Chapter is pleased to announce the 2006 Software Expo: Automating Your Audit Department. The event will take place May 1st and 2nd in Fairfield, NJ. The first day expo is FREE to IIA members / $50 for nonmembers (for 5 CPE credits) and the second day is $200 which includes 8 CPE credits and a Buyer’s Guide to Audit Software valued at $180. Throughout the two days, attend informative sessions to understand how you can increase the effectiveness and efficiency of your audit department through the use of audit software. Also, have a chance to meet twenty audit software vendors all under one roof. Please note that you do not need to attend both day sessions and anyone can browse the vendor expo booths for free (we just ask that you register so we know you are coming). Please follow the links below for information and registration. Technical Consultants – Professional Fee Computationsby Gursharan Singh The Regulatory Authorities [Authorities’] of the respective Technical Professions have prescribed Model Forms of Memorandum of Agreement incorporating the Terms and Conditions for provision of Professional Services to Clients . In addition, these ‘Authorities’ have also prescribed Minimum Scale of Professional Fees that should be charged and the components that should be taken into account in the computation of the ‘Fees’. Click here for the rest of the article! IIA Technology Audit Guide Series Continuous
Auditing: Implications for Assurance, Monitoring, and Risk Assessment GTAG 3: Continuous Auditing: Implications for Assurance, Monitoring, and Risk Assessment — the third in The IIA's Global Technology Audit Guide series focuses on helping Chief Audit Executives make effective use of technology in support of continuous auditing and provides guidance on significantly reducing instances of error and fraud, increasing operational efficiency, and improving bottom-line results through cost savings and a reduction in overpayments and revenue leakage. Guide 3: Continuous Auditing: Implications for Assurance, Monitoring, and Risk Assessment Each Global Technology Audit Guide (GTAG) will be written in straightforward business language to address timely issues related to information technology management, control, or security. GTAG will be a ready resource series for chief audit executives to use in the education of members of the board and audit committee, management, process owners, and others regarding technology-associated risks and recommended practices. Previous Guides:
AuditNet Job Listings (& more) Looking for an audit job? Go to the AuditNet® Audit Jobs section for the latest job opportunities. 24 hours a day, 7 days a week you have the ability to not only look at available jobs, but you can also post your resume, apply for open jobs, research companies and obtain career advice. If you are in the market for a new job, make AuditNet® your first stop to check out what's available. This is just another benefit of using AuditNet® as your one stop shop for all your audit and career resources. Click here for more jobs! AuditNet® Fraud Auditing Corner |
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As well-off Baby Boomers age, the pool of elders vulnerable to fraud
is growing. Marie F. Smith, president of AARP, encourages fraud
examiners to "keep up the good fight" in protecting the elders in their
communities.
"Injustice of any kind makes my blood boil," says Marie Smith during an interview with Fraud Magazine. "... As president of AARP, I become particularly incensed when I see crooks targeting older people," Smith says. As baby boomers age, elder fraud undoubtedly will increase. Fraudsters are stealing elders' savings through telemarketing fraud, investment scams, door-to-door cons, identity theft, and charity fraud, among other schemes. And they appear to be getting better at it. |
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.
Should Auditors Be Airport
Screeners?
Or why they both miss what they’re paid to detect.
by Gary D. Zeune
To test terrorism readiness, British authorities conducted Threat Image Projection (TIP) and digitally inserted one of 250 images of guns, knives and other banned objects into luggage. Initially the screeners’ performance was mediocre. But with practice it improved dramatically. Then the images were changed, and the screeners’ performance dropped like a rock to no better than when the program started. But why?
For the rest of the story click here!
Auditing in Publics Schools - Recent News
This column will features articles and news on the topic of auditing in public schools. If you have an article or would like to contribute please contact us.
Comptroller Investigation Finds Poor Financial Oversight, Questionable Expenses at Katonah-Lewisboro District
District Has Tightened Internal Controls Following Investigation
State Comptroller investigators have found lax controls, questionable expense claims, and improper credit card purchases at the Katonah-Lewisboro school district, New York State Comptroller Alan G. Hevesi said today.
For the complete story click here!
School Schools audit reveals Miami-Dade nonprofit laden with debt
The Miami-Dade Public Schools board audit committee was stunned when a community-based organization's 2004 audit reflected the mother of all banking charges -- about $175,500.
The bank charges accumulated because of thousands of returned checks written against insufficient funds by the James E. Scott Community Association Inc., or JESCA, along with other bank charges.
For the article click here!
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).
May 1 - The IIA North Jersey Chapter is sponsoring a free (for IIA members) software expo; Automating Your Audit Department .
May 2 - Best Practices in Selecting and Implementing Audit Software IIA North Jersey Chapter $200 for IIA members
17th Annual SuperStrategies Audit Best-Practices Conference April 23-27 Orlando, FL
2006 ACFE Fraud Conferences and Training
2006 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. |
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 became available only to annual subscribers. Subscribe now to lock in the subscription rate for 2006.
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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.
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Note: The SarbOx Section 404 Compliance Tips for IT Managers was updated to reflect new compliance dates.
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The April 2005 Newsletter will not be available until April 15, 2006
Heard on the Net!
AuditNet® Registration System Feedback
Some auditors have questioned why I set up the registration system and feel that it is a hindrance to what was previously open/free access. Unfortunately I found a number of subscription based sites that were charging their members a fee and linking to AuditNet. In order to limit access from other subscription based sites I implemented a registration system for AuditNet. Audit programs that were previously free are still free; you just need to register to access them. A few auditors have also refused to agree to the terms and conditions of the site concerned that I will "sell" their names to a mailing list. I have no intention of doing that but my lawyers insisted on including that language in the agreement. If you don't want to register then that is your choice. Finally several auditors have written to me and were upset that there is now a fee to access the premium content on AuditNet. They have said they will no longer use the AuditNet site. To them I say that the majority of the information on the site is free and accessible without registration. If you are visiting the site specifically for audit programs then you must register. If you are looking for premium content audit programs you can always share on a one for one basis rather than paying a fee. If you are looking for other audit related information then the site is freely accessible without any registration requirement. I would also remind all AuditNet users that you are free to go elsewhere to find audit programs and other resources and tools for auditors. I wish you luck in your search and would appreciate hearing from those that find sites that offer the depth and content of AuditNet and are providing free, unrestricted access.
If you are having problems registering for the free access section then click here for a list of frequently asked questions. This is the primary support for the free audit programs section.
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 contact us. Watch for more Internet boot camp tips from the auditing Internet guru!
Audit Work Programs Corner
Access to the audit programs now requires registration. The following audit programs, ICQs, checklists or working papers were added this month. If you are not a paid subscriber then they are available on a 1 for 1 exchange for an original audit work program contribution not currently in the inventory.
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Bank Management Information System-Banking (Mar 06)
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Business Continuity-Banking (Mar 06)
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FDIC 12 CFR Part 363-Banking (Mar 06)
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GIFTS Application-Banking (Mar 06)
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Information Security-Banking (Mar 06)
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IT Infrastructure & Maintenance-Banking (Mar 06)
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IT Infrastructure & Maintenance General Control Review-Banking (Mar 06)
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IT LAN General Control Review-Banking (Mar -06)
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IT SAP/R3 General Control Review-Banking (Mar 06)
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IT Strategy & Planning-Banking (Mar 06)
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IT Systems Operation-Banking (Mar 06)
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IT Vendor Management-Banking (Mar 06)
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Oracle DBMS-Manufacturing (Mar 06)
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Progress Database Security (Mar 06)
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Sybase DBMS Application-Banking (Mar 06)
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System Development & Maintenance-Banking (Mar 06)
Documents in the Queue!
Beginning in January all new documents are added to the Subscriber Section and will require a contribution exchange or subscription
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
Oversight Systems Survey Identifies Growing Benefits to SOX
Compliance
Financial executives cite higher-than-expected year-two
Sarbanes-Oxley costs
ATLANTA – January 30, 2006 – Oversight Systems Inc. today released the results of the 2006 Oversight Systems Financial Executive Report on Sarbanes-Oxley. The survey of 261 financial executives identifies growing benefits of SOX compliance and specific compliance goals for 2006.
The findings show an across-the-board increase in the benefits that respondents experienced in 2005 from SOX compliance as compared to those reported in 2004. The reported benefits of improved financial reporting accuracy almost doubled to 47 percent from 27 percent in 2004. Other reported increased benefits include the ensured accountability of individuals involved in financial reports and operations, up to 65 percent from 46 percent in 2004.
For the rest of the story click here!
Ask the Auditor Column
Q: We have one day in the field to visit a vendor managed data center and want to use our time effectively. This data center has recently received servers from some of our business units to manage. Outside of reviewing their SAS 70 and physical controls does any one have any creative thoughts on what could be covered in an audit?
For a suggest answer click here!
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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
Best Practices: Automating Fraud Detection and Controls
Rich Lanza, CPA, CFE, PMP
In today's business climate, companies can no longer accept simply that "fraud happens." They are being forced into a proactive position and the message is clear: reduced fraud equals an improved bottom line. Further, SOX Section 404 specifies that companies need to have an anti-fraud program and controls in place within their organizations. Due to the importance of such programs, the PCAOB determined that deficiencies in this area ordinarily constitute at least a significant deficiency in internal control over financial reporting (PCAOB AS2, par. 140).
For the rest of the story click here!
AuditNet® Book Reviews
For the reviews click here!
AuditNet® Software Compliance Audit Corner
An Emerging Threat You May Not Have Counted On
This news is relevant for security and audit and management professionals in USA and around the world.
The Business Software Alliance (BSA) in USA announced in the last few days that it has increased its cash incentive (reward) to $US200,000 for information on software piracy that leads to an infringement settlement with software vendors. Of course there are conditions, but suffice to day many have already put their hands up to claim their cash prize!
The previous USA reward which ended on 28th February 2006 was $US50,000 (which was the highest we have known in the last 15 years) and it generated over 1,000 “reports” which means there are 1,000 organizations “under investigation”.
Will this reward scheme have any effect outside USA? It sure will, where organizations have a US parent and/or an offshore subsidiary or vice versa. It will also induce other countries anti-piracy bodies to offer rewards seeing the successes to date with reports flooding in.
The “anti-piracy net” could well widen to your country due to the
very size and nature of the reward scheme on offer. As auditors and
managers and chief executives in organizations you really need to take
notice of what is going on and make sure you are well protected!
Get the facts on the reward scheme from
BSA and
PCProfile.
If you want to know how they can knock on your door and seize your
assets (Can they do this ? Sure can!) read
this!
If you want to know more about what this “reward system” can do to both you your organization send an e-mail to pcprofile@internode.on.net and we’ll give you an inside rundown on the risks you face. They are really very substantial now that the stakes have been raised to this level! Wait until the music and the movie industry catch on to this reward scheme and see what sort of fun you will have then.
There are some very simple and pragmatic steps you can take to ease
the pain being created by this reward system. (besides taking a
headache tablet or 2 to calm your nerves).
Your Secret Weapon in the War on Fraud
The March 2006 issue of this fraud newsletter features articles on The Eight Most Common Mistakes CPAs Make When Investigating Fraud, The Future of Internal Information Security 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.
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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!
