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AuditNet® Community Sponsor News!
The AuditNet® community has grown by leaps and bounds thanks to your continued support. Yes it is hard to imagine but it has been more 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.
Protiviti KnowledgeLeader Internal Audit Community is a web-based internal auditing tool that will help you identify risks, develop best practices and add value to your organization. We give you 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 visiting their sites helps support AuditNet®. Using technology to make SOX a less costly, more reliable process
By Steve Stanek
Many organizations have spent millions of dollars and tens of thousands of man-hours to complete the documentation, testing and reporting required by the Sarbanes-Oxley Act (SOX). In retrospect, many organizations faced two very common issues. 1. Documenting too many controls When SOX compliance was in its infancy, no one was certain how many documented controls constituted too few, too many, or just right. Preferring to err on the side of caution, most companies documented every control they could find. Not just key controls, but every control. 2. Documenting mostly manual controls SOX teams often lacked ERP experts with a detailed understanding of the embedded system-based controls (often called configurable controls). Therefore, they mostly documented manual controls. 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-Ups by Robbie Miller Kaplan Back to
Basics Employers must quickly scan resumes as an applicant search can net hundreds of resumes. An easy way to sort through the pile is to discard any resume with typos, grammatical errors, or poorly-written content. You would think that every professional would know the importance of creating an error-free document but, applicants under pressure may take shortcuts and inadvertently, knock themselves out of the running. It’s not just the content that’s important; applicants must produce a format that assists the reader by carefully guiding them to key points of interest. For the rest of the tune-up click here! 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 Advertiser Welcome to Global Best Practices® from PricewaterhouseCoopers' an online resource used by auditors to benchmark business process performance, identify areas of strength, opportunity, and risk, and study best practices that support process improvement. A process classification framework, qualitative and quantitative benchmarking tools, risk and controls information, and comprehensive best practices reports are included in the knowledge base. Visit their site today and check out this excellent resource! New Design Premiers AuditNet is updating the site with a new design format. You will notice the new design on 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.
Technical Consultants' Services
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Why do the Association of Certified Fraud Examiners and the American Institute of Certified Public Accountants work together? The main reason is to protect the public interest, according to AICPA President and CEO Barry C. Melancon, CPA. "Both organizations are dedicated to helping business succeed," Melancon says in a recent interview. "Fraud detection and protection are important components of that mission." |
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.
Auditing and Fraud 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 story link you would like to contribute please contact us.
Wake Schools Adopts More Business-Like Approach To Finances
RALEIGH, N.C. -- After seeing its public trust suffer during high-profile fraud and theft cases, the Wake County Public School System has hired a chief business officer to help restore accountability and credibility to the school district's finances.
For the rest of the story click here!
School program grant funds were misused
CORINTH -- A New York state Comptroller's audit found the Corinth Central School District misused a $1.1 million federal grant by reimbursing employees, on two occasions, for personal expenses while attending conventions.
For the rest of the story click here!
For school and local government news from New York State 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).
Audit Report Writing Dec 13-15, 2006 Las Vegas, NV*
2006 ACFE Fraud Conferences and Training
2006 IIA Conferences and Training
* indicates events where Jim Kaplan is speaking
Opportunities to Share Your Knowledge and Earn Royalties Pleier Corporation is still seeking
additional authors to publish on CD and earn royalties. |
Exceeding Expectations for Internal Auditors
Registered User Free Tools
Internal Audit Manual (Coming Soon)
AMIGO (Audit Management and Information Guidance Software)
The Perils of Mount Must Read
SOXERM
AuditNet Monographs
Premium User Tools
Sarbanes-Oxley, IT and Management Audit Programs
The Auditor's Guide to Internet Resources 2nd edition
Sarbanes-Oxley Section 404 Compliance for IT Managers 2nd Edition
Procedure Guidelines and Controls Documentation
Cobit 4th Edition Domain Quiz
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!
Audit Work Programs Corner
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. For a limited time AuditNet is offering free access to the premium content section. Contribute an original audit work program not currently in the inventory and receive 2 months free access to the premium content. Contribute 5 programs and receive a subscription for one year.
E-Books for
Subscribers to the Annual Audit Programs
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Auditor's Guide to Documenting Controls (Jan 07)
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Community Revitalization-Gov (Jan 07)
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Cyber Security Checklist (Jan 07)
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Human Resources Risk Matrix (Jan 07)
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New Auditor Orientation Guide (Jan 07)
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Risk Assessment (w Control Activities)Template (Jan 07)
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Risk Assessment Overview - Gov
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Size Calculation Spreadsheet (Jan 07)
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Segregation of Duties Grid-Revenue & Cash Collections Cycle (Jan 07)
AuditNet is interested in developing a series of SOx related audit programs for organizations by industry. If anyone is interested in writing audit programs, ICQs, questionnaires, or control matrices on a work for hire basis please contact me. If you may know of anyone who would be interested in this as well please pass along my contact information.
Important News for Auditors
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.”
This appears to be a huge shift in audit focus.
Communicating Internal Control Related Matters Identified in an Audit - SAS No. 112
SAS 112 internal controls readiness: A PwC perspective
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 Sarbanes-Oxley News
Restatements Rise for Companies Bypassing SOX's 404 Provision
AccountingWEB.com - December 19, 2006 - In what may be a cautionary notice to auditors of small public companies, recent research shows that financial report restatements are increasing at small businesses that have been exempt from the onerous 404 provision of the Sarbanes-Oxley (SOX) accounting reform act, but dropping for companies that do follow 404.
The number of restatements filed by public companies to correct accounting errors during the first nine months of this year versus the same period in 2005, rose 45 percent for small “micro-cap” companies, that have been exempt from 404, according to a recent report. The 404 provision requires companies to establish and maintain internal controls for financial reporting and prepare annual reports of the control processes.
For the rest of the story click here!
There are plenty of articles in the news on the topic of Sarbanes-Oxley. Here is a link to a site that does the research and provides you with links to all the relevant stories.
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
AuditNet® Software Compliance Audit Corner
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New Monograph on Software Compliance Auditing: Looking for a Career Change? If you work in the IT sector and keep an eye on the job market then this feature might be of interest to you, but probably it may not be what you are expecting to hear! Many IT personnel are more than aware (or
they should be) that software compliance (making sure that
the number of licenses that installed matches what licenses
paid for) is an important part of protecting the business or
organization. Registered users can read the complete monograph by clicking here! Watch for a link to almost 20 software compliance audit articles available to AuditNet registered users! Looking for a low cost audit software tool? AuditNet users can order PC Profile's AUDIT Baseline version 4 for $140 (normally $195). Click here for info and make sure you let them know you are an AuditNet user. |
Your Secret Weapon in the War on Fraud
The December 2006 issue of this fraud newsletter features articles on whether the legal system will uphold or undermine SOX's whistleblower protections, straight talk on fraud prevention, e-mail in fraud cases and more. For a free issue of this excellent publication click here!
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
Dan's Internal Audit Corner
Each month Dan Swanson, a senior security and internal audit professional will provide his list of recommended resources for AuditNet readers. You can reach Dan at his website or by clicking here.
Auditing Risk Management is strongly recommended
Some questions to consider:
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Are the organization's risk management effort appropriate to its needs?
- Has a risk management program been developed and implemented?
- How effective are the risk management efforts?
- Do we need to increase the understanding of our key risks?
- Has accountability been established (for risk management?
- What else needs to be done? - i.e. Have we done everything
necessary?
Some resources to assist your risk management efforts are provided
here.
Have another great month.
Best regards.
Dan Swanson
Sustaining SOX Compliance
Tripwire has made available for free download it's Whitepaper on implementing IT controls that deliver long-term competitive advantages and SOX compliance. There are also other documents available for download on this page however they require registration.
Click here for the link page!
AuditNet® Resource List
Please let us know of links that are not working!
Click here for the latest update!
Coming Attractions!
AuditNet will be working with AccountingWeb to provide readers with knowledge feeds to deliver digital content directly to AuditNet users. Watch for details. AuditNet is also working with professional associations to provide access to the audit program inventory. Stay tuned!
The AuditNet Monograph Series provides useful guides for all levels of auditors from juniors right up to audit directors. As soon as I can make some time I will be working on new guides for Sarbanes-Oxley, internal controls and Internet for auditors and other relevant subjects. These guides will be available to registered 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 more audit and SOx books. 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.