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June 2017 - Third Party Relationships and Vendor Management
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Welcome to the 2017 AuditNet® Newsletter! AuditNet® publishes a monthly newsletter featuring articles, new content, surveys on audit use of technology, white papers, and audit related monographs and other timely information. Return to our site every month to read the latest Audit News That's Fit to Print. The current newsletter theme will be displayed at the top of the newsletter and you will find articles and information related to that theme. You will also find links to our latest Webinars for audit software from NASBA approved sponsors.
Jim Kaplan CIA CFE and AuditNet® Founder
This Month's Featured Articles
Navigating Risk and Complexity by Integrating Contract and Supplier Management Summary: In this article, Christopher Monk, managing director in Protiviti’s supply chain practice, calls out the aspects of contract and supplier risk management he considers the most important, along with advice on how to avoid common mistakes. Read the article now!
Detecting Corruption with Analytics: A Roadmap By Richard B. Lanza, CPA, CFE, CGMA The Association of Certified Fraud Examiners (“ACFE”) classifies corruption into four schemes: (1) bribery, (2) illegal gratuities, (3) economic extortion, and (4) conflicts of interest. Corruption is essentially the abuse of entrusted power for private gain; it uses a company as a tool for personal gain which is contrary to the official or fiduciary duty of the organization.
Companies serious about reducing fraud within their walls need to recognize that regardless of their size and type, corruption is one of the most pervasive and impactful fraud types. It can occur in any department/division making purchases or from the other side of the business transaction in the company sales cycle.
Why use analytics to assist in proactively detecting corruption?
There are various reasons provided in the recently released research brief, Detecting Corruption with Analytics: A Roadmap. To download the brief go to the Institute for International Analytics Website. Join us for our June 14 Webinar featuring Rich Lanza - Detecting Corruption and Other Business Conflicts With Analytics 2 CPE for subscribers and site license users. Non subscribers and non site license users can attend and view at no cost $10 if CPE is requested.
M anaging Corruption Risks With Analytics by Rich Lanza CPA, CFE, CGMA - Corruption used to be a taboo topic but has risen in the past decades to one of the most talked about problems in the world, and for good reason. It is anti-competitive bad business given it results in increased billings and substandard products being passed on to the customer. More importantly, the numbers don’t lie as per recent fraud studies, corruption is one of the most frequent and cash flow costly to an organization. It not only erodes the fabric of the company, but also of society itself given corrupt behavior tends towards the involvement of governmental entities and its officials. Read Rich's blog on Detecting Corruption with Analytics: A Roadmap
cRisk On Demand Special Offer (Watch for details)
Richard Cascarino, an AuditNet® Webinar presenter, speaker and subject matter expert has a new book - Data Analytics for Internal Auditors. Read the AuditNet® book review!
2017 Audit Technology Capabilities and Needs Assessment There are a wide variety of tools and technologies currently available to auditors. Regardless of your function's size, the need for enhanced audit capabilities and increased productivity are paramount to adding value in your organization. The purpose of this survey is to:
- Take a pulse on what audit needs and capabilities are currently being met
- Identify where technology can help bridge the market's unmet demands
The AuditNet® 2017 State of Technology Use by Auditors is now closed and we are compiling the results This was a follow up to our 2015 survey in order to determine what tools audit departments are using, how the tools are being used, the level of use and where auditors see themselves on the Audit Utilization of Technology Optimization Scale (AUTOS). This follow up will measure progress since our last survey to determine changes in the professional landscape. AuditNet® has been on the leading edge of the profession when it comes to encouraging auditors and audit departments to integrate the use of technology in their methodology. Surveys by other organizations recognize the added value that technology affords auditors however it does not appear that a paradigm shift is imminent. AuditNet® has added a new training that emphasized audit technology use. In a addition through collaborative partnerships we have made videos available to the audit community to disseminate knowledge on the use of audit technology. Watch the newsletter for the results.
Enhancing Risk Assessments & Audit Planning 10 Key Considerations - The 2017 TeamMate Audit Technology Insights report builds on the results of TeamMate's 2016 Global Audit Technology Survey, which focused on enhancing risk assessments and audit planning, topics of major interest to internal auditors around the world. This report expands on our 2016 survey research with input and insights from leading auditors. We also cite a number of findings from The IIA's 2015/2016 CBOK (Common Body of Knowledge) Global Internal Audit Study that relate to and support our report narrative. click here!
on a Training on a Flash Drive - Did you miss our 2016 Data Analytics Webinars? Not to worry - we have loaded the 2016 Minutes to Analytics Webinars on a flash drive including the recordings, data files, slides, and an app so you can watch the training at your convenience. The flash drive with all the recordings and files are available for purchase at an introductory price of $149. You can use these on your laptop when you travel, your desktop in your home or office or use them for training your staff. Check out the Webinars on the drive with a link to pay at this article. Unfortunately we cannot offer CPE for viewing these Webinars however at $149 is a great deal and of course the knowledge is "priceless"!
on a Templates on a Flash Drive - Watch for a new option of "Templates on a Flash Drive" for AuditNet® content. We are in the process of setting up the ability for individuals, groups and vendors to acquire and use the AuditNet® content. Individuals and groups will be able to purchase a flash drive with all the templates available to subscribers as of December 31, 2016 (almost 2,700). The templates on a flash drive can be used for non-commercial use within your own organization (no sharing with others). Pricing will be based on staff size. Vendors will be able to acquire the templates for commercial purposes under a separate licensing agreement. The pricing for the "Templates on a Flash Drive" will be available soon. If you are interested in receiving notice of availability or have other questions on this new option send an email to firstname.lastname@example.org.
SUBSCRIBERS BENEFIT! AuditNet® current paid subscribers (basic and premium) and enterprise license users enjoy the benefit of registering and attending AuditNet® featured Webinars without paying an event fee (does not apply to free or trial members). Those who attend and meet NASBA criteria will earn CPE. The bottom line is that subscribers have the ability to download AuditNet® content AND earn CPE by attending our AuditNet® featured Webinars! Attendance at our featured Webinars will be limited to the first 1,000 AuditNet registered subscribers and site license user attendees logging in so it is important to register for the events and then log in early on the scheduled day. Due to the limitation on Webinar seats non-subscribers will still be able to register and attend the Webinars but only if they pay the fee or opt-in for our mailing list. Non subscribers or non site license users meeting NASBA criteria will need to pay a $10 processing fee for CPE. Those non-subscribers or non site license users who chose to opt-out will not be allowed to attend and their registration link will be revoked. AuditNet® reserves the right to deny any user access to the webinars if they opt out of our mailing list. The registration and attendance policy is subject to change at our discretion.
Culture Audits: The Audit That Most Auditors Are Not Doing! - Culture is a hot discussion topic in auditing circles. The assessment of culture is coming into focus as a key responsibility for internal audit at many organizations. Culture was identified as a high risk to an organization by more than half (56%) of respondents to a poll by the Institute of Internal Auditors Financial Services Audit Center. The survey of more than 400 respondents represents the views of internal auditors primarily from North American financial services organizations. According to a recent survey of almost 800 auditors by AuditNet®, despite the recognition of culture as a risk, most auditors do not address culture as part of their audit plan. . A little more than one-third (37%) of survey respondents said culture assessment is embedded in their existing internal audit programs, and few reported having specific audit programs focused on organizational culture. For the survey results click here. For the key observation and 10 suggestions for implementing culture audits and improving relationships within your organization read the report!
Are You a CPA? AuditNet® created a CPA Resources page and added templates specifically designed for CPAs. These templates are now included in the subscriber content. If you are a CPA and looking for working paper templates in Excel format then consider subscribing to AuditNet® today! (Extra benefit for subscribers starting in 2017 includes Webinars with CPE)
AuditNet® has a plethora of fraud fighting resources for auditors. The fraud section of the site provides auditors with a central portal with links to tools, techniques and resources for fighting fraud. The section includes links to templates, fraud related articles, resources, training and more. Watch for new fraud related templates coming in 2017 for subscribers! In addition beginning in 2017 registered active Premium and Group subscribers will be able to register and attend all of our fraud training at no additional cost.
2017 Webinars with CPE
Our 2017 Webinar schedule is progressing. Webinar registration will be open to all. Attendance is limited to the first 1,000 with first preference to subscribers and site license users. We will require proof that attendees are eligible through AuditNet registration or site license criteria.
Join our mailing list to stay up to date with our webinars with CPE, new templates and more!
Check the event listings regularly to find the events and register. The events will also be listed on the Encoursa Web site.
AuditNet® joined forces with various trainers to address one of the top priorities and resource constraints facing audit departments today including the consistent use of analytics throughout the audit process
Previously Recorded Webinars
- How to Get the Right Data for Your Audit in 3 Easy Steps Recording Available for free viewing
- Sure Fire Ways to Succeed with Data Analytics February 1, 2017 Recording Only No CPE
- IT Fraud Series: Fraud and Forensic Accounting Recorded (Available as VOD from cRiskAcademy)
- Top 10 Excel Analytic Tests to Minimize Fraud and Process Risks: Recorded (Available as VOD from cRiskAcademy)
Seating for the AuditNet® 2017 Webinars is limited. Registration and attendance will be free for subscribers and site license users subject to the seating capacity of 1,000 attendees. Non subscribers or site license users who register may be denied access unless payment is received or billing arrangements are made before the event or if they opt out of our mailing list. All registrations are automatically approved however this does not guarantee attendance for those who do not meet the AuditNet criteria.
Following are the current Webinars available for registration:
- June 14 Detecting Corruption and Other Business Conflicts With Analytics (2 CPE) Register Now!
- June 19 Agile Auditing - Rethinking the Audit Plan (1 CPE) Register Now
- June 22 Fraud Detection (Fraud Series Part 3 of 8) (2CPE) Register Now
- June 27 Risk Based Auditing (1.5 CPE) Register Now!
- September 13 Maximizing Textual Analytics to Minimize Fraud Risks (2 CPE) Register Now.
- December 13 Visualize Audit Sampling and Fraud Detection in Excel (2 CPE) Register Now.
The following Webinars are also planned for 2017
- Internal Audit's Role in Ethics, Governance, & Culture (1 CPE)
- Fraud Detection (2 CPE)
- IT Fraud and Countermeasures (2 CPE
- Digital Evidence (2 CPE)
- Data Analytics (2 CPE)
- Fraud Auditing Creative Techniques (2 CPE)
- Forensic and Investigative Audit Reporting (2 CPE)
- Detecting and Auditing for Fraud in Financial Statements Using Data Analysis (2 CPE)
- Proof of Concept: Making Your Work Repeatable (2 CPE)
- Are you a Smart CAAT or a Copy CAAT (2 CPE)
- Best Practices for conducting an Anti-Fraud Review (2 CPE)
- Role of Audit in Application/change projects (2 CPE)
- Shorten the Audit Life Cycle (2 CPE)
The following recorded training is offered by AuditNet® and it's Partners and no CPE is provided for viewing the recordings.
AuditNet® has joined forces with Richard Cascarino and Associates to bring you a structured learning curriculum for IT audit. The recorded courses are designed to build on skills developed from prior knowledge or training. Auditors can choose between the complete series or pick and choose specific recordings depending on both needs as well as budgetary financial constraints.The study program consists of 5 modules Basic and 5 modules Advanced spanning a broad range of topics and issues in the IT Auditing field. The emphasis is therefore on practical aspects of internal auditing.The course content is based upon ISACA Framework which has been accepted world-wide as the basis of skills and competencies required for all IT Auditors. (Please note these recordings are presented by a partner of AuditNet® with no CPE provided. Any questions or details of the recordings should be directed to Richard Cascarino.
IDEA Recorded Training (no CPE) - a series of twelve 2-hour recorded webinars designed to build on skills developed from prior knowledge or training. Auditors can choose between the complete series or pick and choose specific recordings depending on both needs as well as budgetary financial constraints.
Encoursa Looks to Revolutionize the CPE Market for Accounting and Finance Professionals - Encoursa announced the launch of its new web application for accounting and finance professionals to find and manage CPE. CPAs and other financial professionals can sign up for no charge account to track their CPEs, upload course support, and search for thousands of the top professional courses based on their criteria.
Tell an audit peer, colleague, associate or friend about Auditnet® and if they subscribe AND let us know that you recommended us we will give you a Basic subscription if you are not a subscriber or add 2 months to your Premium subscription if you already are a subscriber.
AuditNet® Recorded Webinars (some of the following recordings may have data files which are available for a fee)
- Essentials for Conducting FCPA Audits
- BYOD Risk, Control and Audit
- Using Keyword Analytics on Unstructured Data Data Files including over 3,000 keywords available for $79
- Using Microsoft Excel in Your Next Internal and External Audit
- Leveraging Excel-Based Analytics in Your Audit and S-Ox Testing of Procurement to Accounts Payable - A Case Study Approach
- How to Request, Import and Normalize Data for a Variety Accounting Packages
The following recordings of our free events are available on our recording site. You must register in order to view these recordings.
AuditNet® has made recordings of a selection of our Webinars available to the audit community in order to demonstrate the power of leveraging technology. These Webinars are part of the AuditNet® commitment to sharing.
The recordings will be available on AuditSoftwareVideos.com Powered by AuditNet our Webinar Channel and YouTube (registration required). If you would like to earn CPE fo these and other recorded events please visit cRisk Academy. The slides for these and other Webinars are available on SlideShare.
AuditNet® 2017 Update - All AuditNet® Webinars will be available for free registration. Attendance at our featured Webinars will be limited to the first 1,000 attendees logging in with preference to subscribers and site license users so it is important to register for the events and then log in early on the scheduled day. Due to the limitation on Webinar seats, site license users are eligible for the no cost attendance offer subject to proof of site license held. Non-subscribers will still be able to register and attend the Webinars based on availability or if they pay the registration fee. (AuditNet® will continue to offer these no cost events in addition to the AuditNet® featured events open to the general audit population with limited seating). Non subscribers and non site license users can earn CPE if they are willing to pay the processing fee of $10 (rates are subject to change).
AuditNet® also has more than 100 templates in the queue for fraud, construction audit, retail banking, COSO 2013, CPA engagements and more. For auditors who would prefer to have all of our templates on a flash drive please contact us for the rates and terms. This is being offered as a solution to those auditors who would prefer having all the templates available rather than downloading one at a time. Software vendors and consultants providing services to clients may also use this option however the pricing and terms and conditions will be different than for individuals.Audit Bookstore - see all the books that are available for auditors
Featured Books This Month
Resources Available This Month for All Subscribers (must be a current subscriber at any level)
If you are not registered then please click here!
Audit Templates and Programs
Content additions (audit programs, monographs) The following programs were added this month and are now available to Premium, Group and Enterprise Site License users. Come to our site to download a list of all the templates.
Current Month Additions
- Audit Reporting Template
- Consumer Finance Audit Work Program
- Data Analytics Suggested Uses
- Data Analysis Tests for Accounts Payable
- Finance Audit Work Program
- Foreign Exchange Workbook
- Keyword Search Best Practices
Next Month Additions
- ORACLE Financial Systems Risk Control Matrix General Ledger
- ORACLE Financial Systems Risk Control Matrix Inventory
- ORACLE Financial Systems Risk Control Matrix Purchasing and A/P
- Vendor Due Diligence Red Flags
Third Party Relationships and Vendor Management
As the evolution of the internal audit function accelerates, the portfolio of skills and attributes that determine professional success transform, given the pace of technological and business change, it is safe to note the need for internal auditors to update existing technical skills and acquire new technical skills."
We started our research on this topic by Googling (yes that is a verb) 'auditing vendors and third party relationships'. You can easily do the same substituting terms relating to the topic to other specific issues to further customize the results. Over the past 20 years we have developed an expertise in finding relevant information for auditors. These links are provided to add to your knowledge bases on the theme of this month's newsletter.
- Evaluating Third Party Relationships Repeatable Internal Audit Program
- Managing Third-party Risks
- Vendor Due Diligence Checklist
Additional Surveys Planned for 2017
- Keyword Analytics Tools and Techniques Update
- Audit Software Tools and Techniques Survey Update
- Champion/Power User Impact on Leveraging Audit Technology Survey
- Software Tools and Techniques for Managing Audits (TBA)
- Using Technology for Detecting Fraud (TBA)
AuditNet® conducts periodic user surveys based on relevant or hot topics as well as areas suggested by our users. Surveys completed.
- 2016 Audit Technology Capabilities and Needs Assessment (Sponsored Survey)
- 2016 Audit Technology Training Effectiveness
- 2015 Data Analytics Audit Software Survey link to the survey responses.
- 2015 State of Technology Use by Auditors Click here for the survey results.
- 2015 Who's Training Your Auditors? AuditNet® Survey of the Impact of Technology Learning Transfer Click here for the results.
- 2014 Survey on How Professionals Find, Track and Maintain CPE Requirement.Read the report or the news item or view the survey results!
- 2014 Audit Use of Keyword Analytics for Compliance and Fraud Detection
- 2014 AuditNet® Survey of Bring your own Device (BYOD) Control, Risk and Audit
- 2013 Fraud Detection Techniques Using Technology 3rd Annual Survey
- 2013 AuditNet Media Risk Control and Audit 2nd Annual Survey
- AuditNet® 2012 State of Technology Use by Auditors 2012
- State of Technology Use by Auditors - over 1,500 auditors responded
- 2012 Survey Report on Data Analysis Audit Software
- AuditNet Media - Risk, Control and Audit Survey 2011
- Fraud Hot Spots 2010
- 2009 Audit Software Survey
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