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Linking IT Controls to Business Objectives

By Jack Bess
KnowledgeLeader Contributing Writer

On a July 25, 2006 Institute of Internal Auditors (IIA) web cast, four panelists spoke about linking IT business controls to business objectives using a top-down approach and how GAIT supports the process

Much like how computer technology is inextricably woven into the fabric of everyday life, information technology (IT) controls are an essential part of what a business sets out to achieve. There is a complex interrelationship between IT and business. It is easy to see how, for example, damage to a data center results in business disruption. A link is less clear if you ask how IT functionality impacts the financial statements. But that link is there. Accordingly, IT controls must be included in an audit from the start, as an essential part of a top-down, risk-based approach.

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

Appearances Count

Resumes are many things but one thing they are not, is a report. It’s important to follow specific resume guidelines when producing your resume so employers will easily know that you have prepared a document to highlight your work experience, achievements, and credentials.

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!

Late breaking news! The Global Best Practices group will sponsor a column and share best practice papers from their archives. Another great benefit to the AuditNet community!

New Design Premiers

AuditNet is updating the site with a new design format. You will notice the new design on the home page and other pages. Feel free to give us feedback on the new look!

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: One of the key controls at this company is quarterly review of access rights, including privileged accounts (i.e., administrator, operator, system, service, etc.).

Walkthrough of control revealed accounts are reviewed by "visual inspection". Due to the number of privileged accounts, this listing can be quite large. It would seem to me best practice would be to compare against a baseline for a review to be effective.

However, I can't seem to find much material on this subject (COBIT DS5.5 - Management review of user accounts)?

A: I agree with you although finding a best practice on this may be difficult. Check out the following that may help:

HIPAA Security Best Practice Guidelines

Harvard University Risk Management and Audit Services Best Practices

There are several audit programs that focus on logical security issues.

One is available here and another here.

Also you should refer to IS Auditing Guideline here

1.2.3 Examples of compliance testing of controls where sampling could be considered include user access rights, program change control
procedures, procedures documentation, program documentation, follow up of exceptions, review of logs, software licenses audits, etc.

If anyone else has suggestions they can contact us and we will share in a follow-up.

Heard on the Net!

Online Discussion Forums for Auditors

Perhaps one of the most underutilized resources for internal auditors are online discussion forums. These online communities are a powerful tool for auditors as they provide the opportunity to ask questions, share experiences, and find resources. Check out the IIA Discussion Forums or the AuditNet Discussion Forums and see the ways that others are using them.

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.  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. (Offer only available for new programs submitted).

AuditNet is interested in developing a series of SOx or industry related audit programs for organizations. 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.

PricewaterhouseCoopers Global Best Practices will provide an article from their archives each month highlighting their research. This month the featured article is on accounts payable best practices.

In recent years, accounts payable (A/P) operations have automated and streamlined their processes. New technology, such as electronic invoice presentment and payment (EIPP) and electronic funds transfer (EFT), has enabled automation of many A/P transactions.

Despite this push toward automation, companies still strive to maintain a strong relationship-based focus. They seek progressive approaches to supplier communications, payment timing, and fraud prevention. They also leverage other organizational initiatives, such as regulatory compliance and internal control efforts, to achieve better A/P efficiency.

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

SOX Compliance Readiness Tool
Exclusively for AuditNet

Looking for a low cost solution to SOX? The Compliance Readiness Tool™ allows organization’s to evaluate the effectiveness of their information technology environment and controls in relation to section 404 of SOX and the Committee of Sponsoring Organizations (COSO) internal control framework.

For more information 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.

Sox-Online

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

Fear Not the Software
FRAUD-FIGHTING WITH DATA ANALYSIS TOOLS

Proactive journal entry testing
Detecting Entries Made in the Middle of the Night

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

The ACFE’s “2006 Report to the Nation” pins the median
financial statement misstatement at $2 million, which occurred in 10.6 percent of the study’s reported cases. When looking at some of the recent large-scale frauds, such as WorldCom, management override around the journal
entry process was the key contributing factor.1 This is to be expected because the easiest route to changing the books and records is for executive management to post a top-side journal
entry. Though it’s always possible to make the adjustments in the sub-ledgers (for example, fixed assets, sales journals, etc.), this requires more collusion with other organizational departments. So the top-side entry is still the best way to commit the financial statement fraud.

For the rest of the story click here!

UPCOMING WEBINARS

1. February 6, 2007 Best Practices For Selecting and Implementing Audit, Anti-Fraud and Assurance Software - Executive Summary

AuditNet® Book Reviews