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Is a Leadership Deficit Looming in Internal Audit?

By Ann M. Butera, CRP, President, The Whole Person Project, Inc.

Are internal audit organizations facing an imminent crisis in leadership? While "crisis" may be too strong a word, internal audit departments are facing increased oversight and governance expectations at a time when the pool of future leadership talent is not growing apace. In this article, Ann Butera, president of The Whole Person Project, Inc., outlines a number of factors responsible for this growing deficit and how to challenge this trend in your organization.
 

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.

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AuditNet^® Community

Sponsor News!

Thanks to Paisley and TeamMate for sponsoring the newsletter!

This month's theme is leadership.

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 advertisers. Advertisers, affiliates and document contributions from the AuditNet® community this site help to keep this site maintained in the quality that you have grown accustomed to.

This month we feature 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.

The theme of this month's newsletter is leadership and therefore you will find articles and links to resources focused on the subject of leadership. Next month's theme is audit management. If you have an article or resource on audit management please send it along to the editor.

This month check out Fulcrumway Fulcrum Information Technology, Inc. is a leading provider of Governance, Risk and Compliance (GRC) solutions that help organizations efficiently monitor internal controls, intelligently manage risks, and optimally execute business processes to gain strategic advantage.

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

Career Advice Q&A

Building Leadership Skills

by Robbie Miller Kaplan

 Robbie Miller Kaplan

author of  How to Say it When You Don't Know What to Say: The Right Words For Difficult Times Illness and Death and How to Say it in Your Job Search

With the workplace reeling from the global economic crisis, leadership skills may be your best investment for employability. While some individuals seem like natural born leaders, leadership is a skill, and like all skills, you can acquire proficiency. Robbie Miller Kaplan, author of “How to Say it When You Don’t Know What to Say: The Right Words for Difficult Times: Illness & Death,” shares tips on building leadership skills.

Here are tips for building leadership skills.

Visit the Comforting Words blog for helping friends and colleagues get through tough times!

Best Practices  in Resume Writing

by Robbie Miller Kaplan

We know we should write a resume, but we procrastinate for fear we’ll be overwhelmed. And yet a resume is so crucial, not just for finding a job, but moving ahead in your career. Here are ten strategies to perform your best in this all important task:

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, 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?

From the Editor!

AuditNet released a monograph on Securing and Segregating IBM-Supplied CICS Transactions this month. Subscribers may access these new monographs now.

AudiTalk, AuditNet's redesigned free discussion forum site went active February 1 with many new categories. Visit the new forum, register and begin sharing with your peers. The forum is moderated so no spammers are allowed. 

LinkedIn's Professional Audit Information Network has over 2,300 members. What a great tool which includes group discussions, news and the opportunity to network with other professionals around the world!  

Contest: Where in the world is Jim Kaplan? Here's a hint; it is somewhere on the East Coast. The picture will change periodically so check back for your chance to win free access for a year!

Send your answer to WITW.

AuditNet is working on several initiatives to incorporate audit content into other software applications. One of these applications will offer Software as a Service (SaaS) solutions to requirement management. 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 (and now numbering almost 2,000 professionals) 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® SURVEYS

Survey for Government Auditors

There have been a number of surveys conducted to determine the nature of auditing in government. While working in a local school district I conducted a survey of the 100 largest school districts to benchmark public school auditors. This survey looks at government auditors concentrating on size of staff, standards followed, reporting structure and more. If you work as a government auditor please help us by completing the survey. If you have contacts that are not AuditNet users please forward the survey link to them as well so we can get as large a response as possible. The survey is now closed and we are compiling the results.

Previous Surveys

Sarbanes-Oxley and Internal Audit

Audit Management Software

AuditNet User Survey

Fraud Awareness Training

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. Also expect more resources to transition to the registered users area.

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

Group Access to AuditNet Audit Programs.

Join the other groups such as CCH TeamMate, Protiviti KnowledgeLeader and the Association of Healthcare Internal Auditors that have access to all of the AuditNet audit programs.

If you want your group or 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 or group leader 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.  Beginning in January 2009 there will be a fee (TBD) to access the Level 1 audit programs. There will also be an increase (TBD) in Level 2 or premium content subscriptions. The rates will be announced at a later date. New audit program contributions are available only to paid subscribers or on a one-for-one exchange basis.  There are currently over 100,000 registered users. A multi-user subscription rate is also available. Organizations that need more than 2 staff members accessing the service will benefit from this option. There are new additions to the premium audit programs each month that are available as an alternative for those auditors that are unable to or choose not 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 AuditNet Library or use the site search.

AuditNet Launching a New Column In next month’s issue, AuditNet® is excited to kick-off a new column “Navigating GRC and Audit.” Chris Fox of CA will be sharing his thoughts on GRC best practices and shedding light on the role auditors will play as GRC continues to rise in importance in the enterprise. Chris has had many years of international experience in the systems and processes areas and has assisted in writing books on Sarbanes-Oxley and Basel II. He is also a member of the task force which developed OCEG’s GRC Capability Model (Redbook II) and is one of the expert contributors to CobiT 4.1.   AuditNet® Adds GANG and YANG New Networking Resources to the Auditor's Toolkit   March 1, 2009 (Oakton, Virginia): AuditNet® announced today the creation of a two new networking tool for auditors. The AuditNet® Google Audit Networking Group (GANG) was established in Google groups and the AuditNet® Yahoo Audit Networking Group (YANG) was established in Yahoo Groups.  These resources provide an additional opportunity for auditors to connect and share with one another. Features that group members will appreciate include the ability to upload files, participate in discussions, and connect with other members.  Join the GANG now! http://groups.google.com/group/auditnet   Join the YANG now! http://groups.yahoo.com/group/auditnet   These resources complement AudiTalk, the AuditNet Discussion Forums launched last month. Together with the Professional Audit Information Network on LinkedIn these tools provide more opportunities for the global audit community to network and share knowledge and resources than ever before.   Join now and begin reaping the benefits of AuditTalk, and the AuditNet GANG an YANG discussion forums and networking for the global audit community! AuditNet Releases a New Monograph for IT Auditors   March 1, 2009 (Oakton, Virginia) AuditNet released a new monograph today on Securing and Segregating IBM-Supplied CICS Transactions which is now available to subscribers to the premium content. The monograph contains security information about IBM-supplied CICS transactions, and how to properly segregate and secure them within a RACF environment. New monographs are in process on Creating an Internal Audit Charter, Audit Rating Systems, Establishing a New Audit Department and Digital Audit Knowledge Resource Guide.   AuditNet® Fraud Auditing Corner Are Clean Opinions Materially Misstated? By Gary D. Zeune, CPA   Have you ever asked yourself, “Why do we even do audits?” Most CPAs will say, “Because they are required?” But why are audits required? Audited financial statements are valuable because they reduce the client’s cost of capital. How? Because audited statements reduce the user’s assessed risk. Assume a bank has a loan request from two companies, identical in every respect, except that one has audited statements and the other doesn’t. All things being equal, the bank will charge a lower rate of interest, and maybe impose fewer or less onerous covenants, to the company with audited statements.   And now to the rest of the story...   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. 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.   Upcoming Webcasts and Webinars for Auditors   Active Directory AuditNet will be hosting a series of Webinars on Auditing Active Directory. Following are the titles, dates and times for these events.   CAN’T MAKE THE LIVE EVENT? Register anyway to receive a link to the recorded Webinar. 3/25/2009 IT Audit: Top 10 Things to Audit on Windows Member Servers 4/22/2009 IT Audit: Assessing Active Directory User Accounts

Global Best Practice Papers

Best practices for accelerating performance improvement   In today's climate of extreme market uncertainty, companies need a highly focused measurement system to consistently track performance. A well-implemented measurement system can engineer genuine and lasting improvement --the kind executives want to see.   Now available to you through AuditNet, is PricewaterhouseCoopers' Global Best Practices team's paper, "Accelerating performance improvement" presenting best practices approaches to establishing a disciplined, replicable process for performance improvement.   For more information, please contact Global Best Practices

Sarbanes-Oxley News and Views

What are the Primary Challenges and Trends in Governance, Risk and Compliance?

SOX TV Research Alert New Research!

SOX Television is an Internet Television Network that covers every aspect of the Sarbanes-Oxley Act and the related areas of governance, risk and compliance. Along with its sister network, Risk Television, it reaches more than 300,000 financial, governance, risk and compliance professionals worldwide.

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).

CCH TeamMate users now have access to all the AuditNet audit programs in TeamStores format. Access through the TeamStores support site.

Risks Associated with Payroll

Q; What kind of risks are associated with the payroll functions? When payroll is carried out, are two employees required to ensure that risks are minimized? What documents should I be looking for in testing payroll from a financial review point of view?

A: Payroll is an area frequently reviewed by internal auditors due to the risk associated with the function. Start a review of this area by determining the objectives, purpose and scope of the audit. For example here are some risks:

• Entries/transactions not adequately monitored and evaluated may result in fraud or errors.

• Incomplete or inaccurate reporting of employee wages.

• Unauthorized and/or inaccurate payroll disbursements and deductions, time and attendance and unreliable financial information.

• Employees on the payroll may not be bona fide employees (ghost employees)

The functions of hiring employees and firing employees should be separated from those functions associated with paying employees.

The AuditNet inventory of audit programs includes many of the procedures (including documents reviewed) in an audit of payroll and human resources. AuditNet developed a monograph on Developing Audit Work Programs, Questionnaires, Control Matrices and Checklists which includes sample objectives for payroll as well as other standard audit areas. The monograph will be available to subscribers.

For more tips go to Ask the Auditor Forum for How Do I...

Submit a question for Ask the Auditor!

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

Implementation of Specialist Works - Prime Cost Items

The pricing of Construction Contracts is generally divided into three categories: requirement that need to be provided prior to commencement of any actual work or preliminaries; components that involve actual implementation or main works; and components that involve works supplies that are of special nature that is generally to be undertaken by contractors who have knowledge and facilities that is relevant to the specialized nature of the works to be done or prime cost items.

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