|
|
||||||
|
|
|||||||
|
|
Guest Auditors Fill Department Needs, Expand Work Experience By Steve Stanek, KnowledgeLeader contributing writer
The lack of internal audit resources often becomes especially acute when
particular audits require special subject-matter expertise. Some companies
are addressing this specialized resource need by inviting guest auditors to
work with their audit teams and leverage their expertise on specific audits.
In this article, internal audit leaders from Estee Lauder, Kimball
International, and Brunswick Corporation
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 IDEA - Data Analysis Software, the standard in ease of use for auditors, accountants and financial managers.
Remember! Clicking on sponsored ads and visiting their sites helps support AuditNet®. Career Advice Q&A Launching a Summer Job Search
author of How to Say it When You Don't Know What to Say: The Right Words For Difficult Times
If it’s summertime and the living is easy, how does that impact looking for a job? Is it realistic to find employment while the workforce seems headed for vacation? Wade Robinson, Managing Director of Glen Associates, LLC and an expert in managing corporate and professional transitions, shares strategies to manage a successful job search during the hottest months.
For the Q&A 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 When You Don't Know What to Say: The Right Words For
Difficult Times 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? From the Editor!
AuditNet is working on new initiatives to incorporate audit content into other software applications. AuditNet has always supported new solutions and has encouraged start ups and other software vendors to enhance their products for both the mainstream as well as the small internal audit functions. We will continue to seek out opportunities that offer the global audit community new ways of doing business.
In conjunction with the Linkedin Professional Audit Information Networking (PAIN) Group established in December 2007 we added a mapping application that demonstrates where AuditNet users live and work. The PAIN group provides an opportunity to tap into a global network of auditors. To add yourself to the map click here. To join the PAIN group click here.
AuditNet Audit Software Survey Results
The Audit Software Survey received 253 responses from a cross section of industries. 47% of the responses were from audit departments with less than 5 auditors. 35% of those responding use audit management software while 43% use Microsoft® Office. Of those that use audit management software, almost 53% use TeamMate and 36% use Paisley Auto Audit. The main reasons cited for not using audit management software were department size and cost. There were various factors that influenced the decision on audit management software with the main one being ease of use. The majority (74%) of respondents develop their own audit procedure programs from scratch. Other questions covered the cost of training, try before buy option and obstacles faced. I am analyzing the obstacle comments and will update those in the July newsletter. A summary of the survey results is available by clicking here.
New Survey on Fraud Awareness Training
According to research conducted by the Association of Certified Fraud Examiners (ACFE), U.S. organizations lose an estimated 5 percent of annual revenues to fraud. Based on the estimated U.S. Gross Domestic Product for 2006 – $13.037 trillion – this percentage indicates a staggering estimate of losses around $638 billion among organizations, despite increased emphasis on anti-fraud controls and recent legislation to combat fraud. Does your organization have a fraud awareness training program in place? We are conducting a survey to determine whether organizations have a program in place and key factors in how it is organized. Help out your fellow auditors by taking this short survey?
Pay by Phone or FAX AuditNet is now set up to accept credit card payments for subscriptions by phone or fax. If you are interested in this option click here! Writing for AuditNet? AuditNet Editorial Guidelines Based on the number of articles being contributed to AuditNet we have developed editorial guidelines for future submissions. If you are planning to write an article please review the guidelines before submission. We appreciate receiving material from the global audit community in the interest of sharing knowledge. We are also in the process of guidelines for book reviews and other material submitted for inclusion on AuditNet. Get Audit Related Books Free! Interested in developing your writing skills with having access to the latest audit and business related books? AuditNet is looking for auditors that would like to review books for the benefit of the audit community. This is an excellent way to build your professional publication library and provide a valuable service for AuditNet users. A list of available books will be provided on request. For the guidelines click here. New Benefits of Registration AuditNet receives many questions on what kind of audit related information is available on the Internet and where to find it. As a result of my research to find the answers to those questions I discover value added resources that are useful for auditors. In the past these resources would have been added to the AuditNet Links Page (aka KARL). To provide an incentive for auditors to register on AuditNet I will begin loading these links to a special page that is only available to registered users. AuditNet forges new relationships with professional associations and accounting sites to provide auditors with access to audit work programs. Professional Association Access to AuditNet Audit Programs. If you want your professional association (IIA, ISACA, ACFE, ACUA, ACUIA etc) to have transparent access to AuditNet audit programs and other content as a benefit of membership contact your professional association official and ask them to pursue this with AuditNet. Fraud News Feed Go to the AuditNet Fraud Resource Center and check out the fraud news feed to keep up to date with media reported fraud happenings. 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. There are over 80,000 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. CAATTS Corner
Using CAATTs in Preliminary Analytical Review to Enhance the Auditor’s Risk Assessment
By Alex Vuchnich
Reprinted from the CPA's Journal
MAY 2008 - Risk-assessment standards are requiring businesses to adjust their audit approach to a risk-based methodology. This can be a daunting challenge for auditors who have become accustomed to traditional substantive audit approaches for small businesses. Developing a basis for making a risk assessment becomes paramount to performing a high-quality risk-based financial statement audit. The risk-assessment standards require that auditors perform risk- assessment procedures during planning, such as a preliminary analytical review and obtaining an understanding of the entity and its internal controls. Computer-assisted audit techniques and tools (CAATT) can play a role in enhancing the effectiveness and efficiency of risk-assessment procedures. The key to effectively and efficiently leveraging software applications when assessing risk is to use the software to improve the quality of the audit evidence that forms the basis of the auditor’s judgments about the financial statement risk.
For the rest of the story click here!
Copyright © 1997 CPA Journal's and/or its suppliers, 3 Park Avenue, 18th Floor, New York, NY 10016-5991 U.S.A. All rights reserved. IIA Technology Audit Guide Series Guide 9: Identity and Access Management Identity and access management (IAM) is a cross-functional process that helps organizations to manage who has access to what information over a period of time. This process is used to initiate, capture, record, and manage the user identities and related access permissions to the organization's proprietary information. Poor or loosely controlled IAM processes may lead to organizational regulatory noncompliance and an inability to determine whether company data is being misused. 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® Fraud Auditing CornerFraudster Profiles Looking for a great way to educate employees on how an ethical employee goes to the dark side, and the consequences of poor internal controls? Check out the following video from one of Gary Zeune's speakers. Master Fraudster Mark Morze ZZZ Best on FMN tells how he fooled auditors and what they could have done to detect the fraud. Gary Zeune has the ONLY speaker's bureau in the country specializing in white-collar criminals — The Pros & The Cons. Mr. Zeune's speakers tell their stories of how and they committed their crimes. Their frauds range from $18,000 to $350 million. Speakers include CPAs, attorneys, and business people.
|
||||||
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. 
|
U.S. senior Congressional aides are seldom seen or heard, but still they know everything that goes on in the nation's capital. So back when George Mitchell was a senator from Maine, they couldn't be ignored when they named him "the most respected member" of the Senate for six consecutive years.
|
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
A Weekly Security Blog
- By Dan Swanson
Each week over the coming year, I plan to highlight leading security resources and initiatives that will support your efforts to improve security practices within your organization. Each column, I will highlight a half dozen leading security focused resources covering various aspects of information security management.
Click here for this month's resources!
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.
AuditNet Partners with IMF
AuditNet is partnering with IMF to provide distance learning courses for auditors on information security management, transfer pricing, Prince2, balanced scorecard, e-security and IT service management.
For information on the course offerings and to register click here!
IIA 2008 International Conference* San Francisco, CA July 6-9, 2008
Audit World 2008 September 15-19, 2008, Boston, MA
IIA Conferences:
August 2008 - Governance, Risk, & Compliance Conference Formerly Risk & Control Conference
October 2008 - Canadian National Conference
October 2008 - All Star Conference
December 2008 - Audit Leadership Forum
January 2009 - General Audit Management (GAM)
* indicates events where Jim Kaplan is speaking or attending
Coming Attractions!
Benchmarking for Auditors
AuditNet is building a benchmarking network of resources for the internal audit community. Watch for new links and resources as well as opportunities to benchmark your audit function against others as well as tap into benchmarking and best practices resources and sites. There is a great deal of interest in this type of tool so stay tuned for updates!
AuditNet is 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, DATTA 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.
Fraud News
Need to keep up with fraud news and happenings? There are several options available. One is to subscribe to the free ACFE FraudInfo E-newsletter.
Another free resource is the Auditing & Fraud News. Service for research professionals. Constantly updated news and information about Business & Companies. Go to FraudNet and click on the link Click Here for Fraud News.
(Vienna, VA., May 1, 2008) – AuditNet LLC (AuditNet), a leading Internet audit community and global resource for auditors today announced that it has entered into a strategic distribution agreement with Wolters Kluwer Tax and Accounting, a leading provider of information, services and software solutions serving tax, accounting and audit professionals worldwide under the CCH brand name, . Under this agreement approximately 2,000 audit programs maintained on the AuditNet Internet site will be available at no charge to CCH TeamMate (TeamMate) users in the powerful TeamMate TeamStore format.
For the complete press release click here! |
 PricewaterhouseCoopers helps you "Uncover the Gap" in process performance through Global Best Practices® complimentary benchmarking opportunity
How can you uncover the gap between your
organization's current performance and the suggested, more optimal way
to perform the process? Benchmarking can often help provide the answer.
|
Are Immaterial Amounts Ever Material????
By Gary D. Zeune, CPA
WARNING: THIS ARTICLE MIGHT MAKE YOU UNEASY
According to the Association of Certified Fraud Examiners, the average organization loses six percent of revenue, or $9 per day per employee, to fraud, theft and abuse. Think about how many dollars in sales it takes to recoup that. So why don’t we realize the magnitude of these losses? Because they’re scattered all over the financial statements. For example, if you catch someone cheating on his or her expense report, you probably say, “Don’t do that again” and let the stolen money stay in T&E (the thief is your top sales person and it’s only a $58 ‘lunch’ that never happened). Inventory thefts end up in Cost of Goods Sold.
For the rest of the story click here!
Recovery Auditing: Reducing Profit Leaks
ARE YOU
UNKNOWINGLY
WORKING WITH TERRORISTS?
by Richard Lanza, CPA/CITP
Nobody today wants to find out their company
is linked with terrorist organizations through a
customer, supplier, or employee relationship. The U.S. Treasury
maintains a list of names and
addresses of such organizations for all to download from its Web
site.
With some simple queries in Microsoft Excel,
Access, or other report writer, you can compare
this list to your company name and address databases. Here I’ll show
you how to match up the lists in Microsoft Excel and then in an even
easier way with an inexpensive add-in to Excel.
To read the rest of this article click here!
Upcoming Webinars and Events
July 9, 2008 - Tips to Reduce Payment Errors and Improve Processes in Your Accounts Payable - Lorman Teleconference
July 10 & 11 EUSPRIG - In Pursuit of Spreadsheet Excellence
Cash Leakage Best Practice Seminars
How to Reduce the Cash Leakage from Your Procure-to-Pay Function: A Best Practice Approach Seminar
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
- R&D-Project management (Pharmaceutical Industry) (June 2008)
- R&D-Human resources management (Pharmaceutical Industry) (June 2008)
- R&D-Work progress management (Pharmaceutical Industry) (June 2008)
- R&D-Patent right application (Pharmaceutical Industry) (June 2008)
- R&D-Security measures (Pharmaceutical Industry) (June 2008)
- R&D-Laboratory management (Pharmaceutical Industry) (June 2008)
- Distribution-Customer Management (Pharmaceutical Industry) (June 2008)
- Distribution-Sales Performance Management (Pharmaceutical Industry) (June 2008)
- Distribution-Sales Contract Lifecycle Management (Pharmaceutical Industry) (June 2008)
- Distribution-Human Resources Management (Pharmaceutical Industry) (June 2008)
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.
Challenges of Auditing in a Global Environment
Q: We have recently acquired company's located in South America, Central America and Africa. From an audit perspective, we are faced with the challenge of language barriers as existing staff only speak English. We are thus contemplating employing or contracting the services of a specialist internal auditors that can speak Spanish, French and/or Portuguese, either locally in SA or based in South America or East Africa.
I am wanting to establish whether other Internal Auditors have been faced with this challenge and what they have implemented to overcome it?
A: (Thanks to Jill Benson) Depending upon how the organization (including Audit) is structured, you can tackle it several ways. If your organization has a strong presence in those locations, you may consider engaging local auditors within each region (bear in mind that getting consistent value and quality may require significant oversight by your organization (IA). If you don't have a strong business presence in the regions, you may want to consider using a provider with a strong network in those regions or with the skills you require. By using a single provider, you can coordinate and communicate consistent messages and it will be less time intensive for the organization to manage quality and consistency. However, this will typically mean it will cost more per hour and you will have to pay for some level of coordination (however, if there is an offsetting saving by not hiring internally, it may not cost significantly more). If language is a significant hurdle that the organization cannot provide, it would be difficult to go with the first option. If it was me, I would find a partner who is located the same place I am and serve me in the regions where I need assistance.
More discussion on this question can be found at LinkedIn Answers for auditing by clicking
here.
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
ACQUISITION OF
VACANT LANDED PROPERTIES
[Criteria & Critical Aspects]
By Gursharan Singh
Acquisition of vacant landed properties is a major investment decision made by property developers, companies, organizations and in some cases by individuals who may want to acquire lands to construct their own individually designed residential, commercial, industrial or factory buildings. The costs can be in tens or hundreds of millions of dollars. Thus the acquirer should study all aspects in great detail prior to any legal commitment to acquire any vacant lands especially if the vacant lands acquisition is to be financed through borrowings. A wrong decision can result in ruin for individuals if the acquisition is financed by borrowings as it is his personal liability. However wrong decisions made on behalf of companies, organizations, or Government agencies could result in major losses that would be borne by the shareholders and taxpayers respectively without adversely affecting the personal finances of the decision makers responsible for the losses.
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
|
Auditors Need To Consider Wireless Security Risks by Rob Harmer PCProfile
As an auditor you are probably heavily reliant on technology
in terms of performing your audit duties, gathering data,
writing up reports, and submission of audit summaries to
clients. In many cases this means travel and travel means
mobility, which in most cases requires a wireless type
connection for collecting email/Internet and report
submissions etc.
For the rest of the article click here!
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
users' probability of successfully passing the IIA CCSA exam
by teaching users to answer the type of questions typically
presented on the CCSA exam. Additionally, this system helps
users identify CCSA domains that require their additional
study and lists references useful for any additional study.
The "McKeever CCSA Study System" is available in 2
versions - a 288-page spiral-bound workbook and CD-ROM (for
those who prefer clicking a mouse to turning pages) - for
details click
here!
DISCOUNTS TO AUDITNET READERS
As a reminder, Pleier Corporation offers 10 % discounts to
AuditNet readers at
www.pleier.com. To take this discount order online and
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
Please let us know of links that are not working!
Click here for the latest update!