Jim Kaplan's
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Transaction monitoring represents vast, untapped potential for internal audit effectiveness By John Harrison, Protiviti Managing Director
Since the internal audit profession began, periodic, representative
sampling has been used to verify the effectiveness of controls or to uncover
issues that need to be addressed. The key word is "periodic." In this article, Protiviti's John Harrison describes how having the means to monitor specific processes on a continuous basis has long been the vision of academics and many progressive internal auditors. This concept of "transaction monitoring" is now a reality for auditors.
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® Community Sponsor News!
Thanks to Paisley and TeamMate for sponsoring the newsletter! 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.
This month check out PricewaterhouseCoopers' Global Best Practices ®, 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. Remember! Clicking on sponsored ads and visiting their sites helps support AuditNet®. Career Advice Q&A
Taming Office Clutter
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Interview by Robbie Miller Kaplan 
, Robbie Miller Kaplan will select one
auditor resume each month and suggest ways to transform the resume
from passable to powerful. 
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Since the turn of the century, Japan has seen a spate of public company debacles similar to Enron and WorldCom. The government directed Professor Shinji Hatta and his ad-hoc committee of economic experts to devise an internal controls framework that would radically change the country's discrete enforcement system and emphasize fraud deterrence, raise reporting standards, and repair credibility. |
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.
ACFE FraudInfo Newsletter click here!
Dan's Internal Audit Corner
Creating a Computer Security Incident Response Team
- By Dan Swanson
Safeguarding assets has been an important objective of all organizations for centuries. Protecting an organization’s assets has evolved from mainly physical and personnel safeguards, to a combination of physical, personnel, procedural, and software-based asset management that must be clearly and completely stated in the organization policies, standards and guidance, and monitoring of asset values. With a high percentage of market value now accounted for by intangible assets such as intellectual property, reputation, brand, and electronic records, information continues to be (ever more so) a vital business resource.
Click here for the rest of the article and leading resources.
Have another great month
Dan
Also check out the latest IT and Information Security Titles Published by Taylor & Francis!
Have another great month.
Regards,
Dan
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). AuditNet supports co-marketing sponsorship agreements for conferences on a case by case basis.
Fighting Corporate Fraud conference 12 – 13 February 2008, Brussels, Belgium Request your FREE CONFERENCE BROCHURE by sending an email to Mr. Matej Mutis (matej.mutis@jacobfleming.com) or call him at +421 257 272 333.
Fraud & Corruption Summit 2008, 5-7 March, 2008, 'The Polar Star' (Polstjärnan), Stockholm. For more information email cdoughty@mistieurope.com
SuperStrategies 2008 April 14-16, 2008 Las Vegas - JW Marriott Resort
* indicates events where Jim Kaplan is speaking
Click for a recent (free) example of
EDPACS
The free example issue includes:
1) The State of IT Auditing in 2007
- by Gary Hinson.
2) Why is Security a Software Issue?
- by Julia Allen.
EDPACs call for articles (PDF)
EDPACS Editorial Board (current membership)
EDPACS subscription page
______________________________________
 What's new: Uncover the gap with a no-cost benchmarking survey How can you uncover the gap between your
current performance and the suggested, more optimal way to perform the
process? |
by Mike Blakely
Many organizations have recurring audits, either over time or over locations, or both. Examples include branch audits, inventory audits, store audits, etc. Often these audits will have narrowly defined objectives, which have evolved over time based upon prior results. Assigned staff may include entry level personnel with limited knowledge and experience. Turnover can also erode the knowledge levels over time.
The challenge is how best to leverage these resources so they can be used in the most efficient and effective manner. This article looks at two approaches, both framed in an Excel environment and both automated to the extent feasible.
For the rest of this article by Mike click here!
About the author: Mike Blakley is currently an IT auditor with the State of North Carolina, Department of Health and Human Services. Mike maintains a blog devoted to audit software topics at http://blog.ezrstats.com and his e-mail address is Mike.Blakley@ezrstats.org.
*Data Analysis Tools and Techniques for Auditors
Recovery Auditing: Reducing Profit Leaks
Duplicate Payments: Reasons and Detection Methods
How to identify the culprits and place checkpoints to minimize the bleeding.
by Richard Lanza, CPA/CITP
Duplicate payment estimates vary widely within the industry, yet statistics from the International Accounts Payable Professionals (IAPP) and the Institute of Management & Administration (IOMA) peg the rate as one-tenth of one percent of spending. This may seem trivial at first glance, but represents $1 million in lost profits to a company spending $1 billion annually.
To read the rest of this article click here!
Upcoming Webinars and Events
How to "Develop a Risk Universe for Excel Spreadsheets" & "Using Microsoft Excel as an Audit Tool" Feb 19, 2008 Webinar
Power Excel Webinar Feb 20, 2008
How to Reduce the Cash Leakage from Your Procure-to-Pay Function - April 24, May 5, and May 8, 2008
January 8, 2008 - FREE FIND MILLIONS Webinar
Cash Leakage Best Practice Seminars
How to Reduce the Cash Leakage from Your Procure-to-Pay Function: A Best Practice Approach Seminar
April 24, 2008 Chicago, IL
May 5, 2008 Philadelphia, PA
May 8, 2008 Online
For more information and registration click here!
Make sure you mention AuditNet when registering for the above
events! Audit Work Programs Corner
30 Day Trial to the Premium Section
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. Interested in previewing all the programs in the premium content section? Contribute an original audit work program not currently in the inventory and receive a 30 day trial subscription to the premium content. Contribute 5 programs and receive a one year trial subscription. (Offer only available for new programs submitted).
E-Book for
Subscribers to the Annual Audit Programs
- Contracts-Business/Consulting
- Fraud Susceptibility Worksheet
- Information Technology Audit General Principles-Monograph
- Order to Receipt Submit Tender Offer for Store Development-Retail (Jan 08)
- Order to Receipt Revenue Contract Lifecycle Management-Retail (Jan 08)
- Order to Receipt Sales Performance Management-Retail (Jan 08)
- Order to Receipt Retail Contactless Payment System (Jan 08)
- Procure to Pay Accounts Payable Management-Retail (Jan 08)
- Purchase Order Processing 3 Way Match-Government (Jan 08)
- School District Procurement Operations (Jan 08)
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: We are assisting a client in providing the framework and testing results for their 302 certification (non-accelerated filer). They are on Quickbooks & in the past with other clients we felt that the lack of general computer controls constituted a material weakness. However, the newer versions have audit trail capability as well as adequate access controls. Assuming other financial controls are sufficient, can we conclude that QB by itself does not default to a material weakness?
A: The question of controls in QuickBooks has been addressed by many professionals. Rather than reinventing the wheel on the responses I am providing a link to the Professional Auditing Information Network I established on LinkedIn and the answers section of the site. You will find the answers provided by members of the group relating to the question on QuickBooks controls. For those auditors who have not seen the power of using a networking group, I recommend a visit to LinkedIn
If you have a question for Ask the Auditor click here!
Looking to Earn Some Extra $$?
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.
AuditNet Construction Corner News
Documentation,
Security and Monitoring
Credit, ATM, and Prepaid Cards
By Gursharan Singh
Current lifestyles have made various types of prepaid cards [or plastic money] and cards used for financial transactions almost indispensable; cash transactions are fast becoming obsolete.
For the rest of the story click here!
AuditNet Sarbanes-Oxley News
Low Cost SOX Compliance Readiness Tool
Exclusively for AuditNet
Looking for a low cost ($100) solution for SOX compliance? 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.
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® Book Reviews
AuditNet® Software Compliance Audit Corner
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Click here for a special offer and late-breaking software compliance news!
Monograph on Software Compliance Auditing: Looking for a Career Change? Registered users can read the complete monograph by clicking here! Registered AuditNet users can send for 20 free software compliance articles. Login to your account and click on the link to receive the articles by email. Also the following articles should interest you! Microsoft has started a program recently in UK that has wide reaching implications for smaller and medium sized organizations, that auditors need to be aware of to minimize risk. More details can be seen by clicking here! |
Your Secret Weapon in the War on Fraud
White-Collar Crime Fighter brings you expert strategies and actionable advice from the most prominent experts in the fraud-fighting business. Each month you’ll learn about the latest frauds, scams and schemes... and the newest and most effective fraud-fighting tools, techniques and technologies you can put to work immediately to protect your organization.
Click here for the latest e-newsletter and subscription details.
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.
AuditNet® Vendor News
Check here for the latest news from our AuditNet® sponsors!
Then check out the CCSA Study System published by Pleier Corporation.
Using the "McKeever CCSA Study System" will improve
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The "McKeever CCSA Study System" is available in 2
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DISCOUNTS TO AUDITNET READERS
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enter the word AUDITNET in the coupon field at checkout.
Click here for opportunities to share your knowledge and earn royalties
Exceeding Expectations for Internal Auditors
AuditNet® Resource List
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