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AuditNet^® Community

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This month check out Galileo a comprehensive and integrated audit management, documentation and reporting system, with optional links to Magique, an enterprise-wide risk management/control risk self-assessment system. Both are highly customizable, modular systems which support multiple remote auditors with comprehensive security.

Remember! Clicking on sponsored ads and visiting their sites helps support AuditNet®. 

Tactics to rebalance your internal audit function

By John Champ and Chris Cebula, Protiviti

Now that the initial burden of Sarbanes-Oxley compliance is lightening for many companies, Chief Audit Executives are feeling pressure from all sides to "rebalance" their internal audit activity. While few will argue with the goal of rebalancing, most internal audit groups find it
challenging to translate this goal into tactical business plans. This article highlights specific steps companies can take to rebalance their IA activities.

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.

Resume Tune-Up

Tell me a story!

A truly effective resume tells a story; it not details credentials, but ties the
threads together so the reader can easily understand the patterns of your work and
educational history. Li, Fei’s resume is full of facts but lacks descriptive words
that would give the reader greater insight into his experience and strengths. For
starters, eliminate the web sites and provide the information, such as: “Lead SOX 404 management testing at eight Asia Pacific sites for the world leader in engineering and manufacturing.” The right language can strengthen credentials; for example, replace “assisting in supervising” with “collaborated in supervising a team of 12 managers and staff members.” Edit and revise your experience statements using a
thesaurus or synonym dictionary. Sometimes it just takes a change in sentence structure and order to make a real difference; for example: “planned and executed audit engagements for over 20 clients in manufacturing, power and energy, and insurance industries.”
Always list your accomplishments. It is helpful to identify what you did differently
and what problems you solved in each work experience. Follow correct grammatical guidelines; present experience should be in the present tense and past experience in the past tense and always end sentences with a period. Presentation can be as important as content. Use bold only to draw the reader’s eye; too much bold is just too much. What would you like to emphasize; the organization name or the job title? And be consistent in format; all organization names should appear identically as well as dates. Li, Fei should move the skill section to the first page and re-name it professional profile, revising the content to be more of a narrative in line
with telling his story. I would move the education to the second page and use only
the graduation date. If the courses are important, list those under the degree.
Include activities and affiliations only if they enhance credentials.

Get a Free Resume Analysis!

AuditNet Adds a New Career Feature: The Resume Tune-Up.

Nationally recognized resume expert and author of How to Say It In Your Job Search, Robbie Miller Kaplan will select one auditor resume each month and suggest ways to transform the resume from passable to powerful.

If you would like your resume to be considered for a tune-up, please e-mail it to Ms. Kaplan. You will be notified by e-mail if your resume is selected. You will need to make yourself available via e-mail to answer a few questions with a tight deadline.  Ms. Kaplan will send a critique and suggestions to the individual selected and a summary Resume Tune-Up will appear in the monthly newsletter column.  If selected you give AuditNet the right to display your resume for the column.

AuditNet^® What's New This Month?

AuditNet forges new relationships with professional associations and accounting sites to provide auditors with access to audit work programs.

New Design Preview!

AuditNet is updating the site with a new design format. Check out the following pages and let me know what you think by clicking here!

• 20 Ways to Detect Fraud

• Audit Process

• Auditor's Sharing Audit Workpapers

New Columnist

Dan Swanson, a senior security and internal audit professional will now provide his list of recommended resources for AuditNet readers.

Audit Programs

The audit programs section of AuditNet requires registration in order to access.  New audit program contributions are available only to paid subscribers or on a one-for-one exchange basis. However 181 standard management audit programs were added this month to the free content thanks to Professor Andrew Chambers of the UK. There are over 38,000 registered users. 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 premium audit programs available as an alternative for those auditors that are unable to contribute material to AuditNet®. Site licenses are also available for organizations with more than 15 users.

The best way to find all the resources on the site is by going to the Virtual Library or use the site search.

Ask the Auditor

Each month I select one question submitted to Ask the Auditor and provide an answer using the same digital tools and techniques that I recommend to all auditors. 

Q: I am looking of an internal control questionnaire for life insurance companies. Where can I find one?

A: You should start your search by first deciding what areas of your company you plan on reviewing. While life insurance companies have many unique functions they also have normal business operating cycles just as any other company. If you are an insurance company internal auditor you should consider joining the Insurance Internal Audit Group. You could then network with other insurance internal auditors and share information. There are some insurance audit programs in the AuditNet inventory. You could also contact the IIA and ask for insurance internal auditor contacts.  If any insurance auditors would like to share questionnaires they can contact us.

Heard on the Net!

AuditNet®  Adds 181 New Programs to the Free Content Area

AuditNet added 181 standard management audit programs to the free content area available to registered users. Thanks to Professor Andrew Chambers of Management-Audit, registered AuditNet users  now have access to the standard audit programs he developed.

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!

Access to the free audit program section now requires registration.  The following audit programs, ICQs, checklists or working papers were added this month. They are available on a 1 for 1 exchange for an original audit work program not currently in the inventory. If you unable to share audit programs then consider subscribing to the premium content which provides you with access free and premium content 24/7/365. 

The American Institute of CPAs issued SAS 112 in May 2006. SAS 112 will be effective for audit periods ending after December 15,2006. SAS 112 requires an external auditor (but the internal auditor might also need to say something) to communicate in writing significant deficiencies and material
weaknesses to management and those charged with governance. Auditors will be expected to focus on “what could go wrong”
instead of just “what did go wrong.”

AuditNet Training for Auditors

AuditNet has teamed with the Quality Assurance Institute and the Internal Control Institute to offer you the following online cost-effective audit-related courses. The courses cost from $30 to $90 depending on the course and provide 1 to 3 continuing professional education units. An easy way to get CPE!

For a list of course offerings click here!

AuditNet Career Center

Auditors Looking for Jobs!

Companies Looking for Auditors!

The Matching Service for Auditors!

Go to the AuditNet^® Career Center now for the latest job opportunities and career-related information and tools. 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.

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.

This is just another benefit of using AuditNet^® as your one stop shop for all your audit and career resources.

AuditNet^® CAATT Corner

Is your firm doing enough to mitigate fraud malpractice claims?

By Richard B. Lanza, CPA/CITP, CFE, PMP

Expectations are rising and professional standards are becoming more stringent as to the level of work effort. Ensure your firm is doing enough in their review, compilation, and audit engagements by following these guidelines.

For the rest of the story click here!

UPCOMING WEBINARS

1. Double-Header Session - "Develop a Risk Universe for Excel Spreadsheets" & "Using Microsoft Excel as an Audit Tool" on January 16, 2007

10% Discount for AuditNet.Org Users

Cost:
$75 – webinar only
$99 – webinar and one (1) copy of Mr. Excel’s latest book

***Please enter "auditnet" (without the quotes) to get the 10% discount***

Click here for the details.

2. - Not All SAS70 Reports Are Created Equal Dec. 12, 2006 1:00 pm. Free Webinar

Learning Objectives:
• What is a SAS70 Report…and is not
• Why are SAS70 Reports in such demand now and why you will likely get asked to have one
• When you should request a SAS70 from someone else and what you should do when you receive one
• Should SAS70 reports vary so widely
• What is required content in a SAS70
• What you may not learn from your SAS70 provider
• Top 10 concerns of those needing a SAS70 Review
• How to buy a SAS 70 and get maximum value

Register here to attend and earn 1 CPE!

AuditNet® Book Reviews