The Original Newsletter Created by and For Auditors!
Audit News that's Fit to Print!
March 2017 - Risk Assessment in the Digital Age
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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
2017 Perceived as Riskier by Top Executives, Survey Results Say- Summary: Political and economic instability, cyberattacks and disruptive change have global executives and board members on high alert for the year ahead, according to research from Protiviti and North Carolina State University’s ERM Initiative. Read the article now!
Improving your knowledge, skills and competency in risk assessments by Jason Mefford, Co-Founder, cRisk Academy - As auditors, we must develop the necessary knowledge, skill and competencies to make us effective auditors. We owe it to ourselves, and to our organizations. These concepts are discussed about over, and over again throughout the IIA standards and other materials. We gain these through various means, but one of the most important is through individual training. Read the article now!
The Future of Audit is Here: Wolters Kluwer Tax & Accounting Launches TeamMate+ - New Cloud-Optimized Audit Management Software Provides Enhanced Tools for a Better Audit. Wolters Kluwer Tax & Accounting today announced the launch of TeamMate+, an intuitive, easy-to-use audit power tool that delivers a modern and streamlined approach to effective and efficient internal audits. Reimagined from the ground up, it is a fully configurable, web-based audit, risk, and compliance platform that builds on more than 20 years of market-leading experience and encompasses best practices learned over that period. For more on this new product click here!
Auditing Culture Part 3: Unique Challenges The Institute of Internal Auditors (The IIA) has recently highlighted the need for auditors to assess organizational culture, but there is very little guidance on how to accomplish the task. In the previous installments on this topic, we defined culture for the purpose of understanding the nature of the audit, and we discussed applying a red flag approach as a methodology to performing the audit. In this third installment, we will discuss a few unique challenges presented by auditing culture.
Adding a culture aspect to our audit plans may be feasible for many departments, but once it’s done, there are many difficult and unique challenges. One of the biggest challenges will be attempting to put cultural issues in writing. We can take a pro/con approach toward writing down culture issues.
For pros, the most basic is that only written issues will ever be addressed. Even from an audit perspective, if we plan to look for patterns and trends we must write down our observations. In the bigger picture, only written issues will be compiled and presented to the audit committee. Read the rest of the post!
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 their own organization (no sharing with others). 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.
AuditNet® added new one month subscription options for basic and premium content.
SUBSCRIBERS BENEFIT! AuditNet® premium subscribers and enterprise license users enjoy the benefit of registering and attending AuditNet® featured Webinars without paying an event fee. Those who attend and meet NASBA criteria will earn CPE. The bottom line is that premium 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 Premium registered 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, site license users are eligible for the no cost attendance offer. Non-subscribers will still be able to register and attend the Webinars but only if they pay the fee. (AuditNet® will continue to offer other no cost events in addition to the AuditNet® featured events open to the general audit population with limited seating).
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)
The next frontier in data analytics - As technology continues to evolve, it promotes changes to business models and surprises those who are unprepared. Businesses change their strategies and the way they operate. New threats and opportunities arise. In an increasingly data-driven world, CPAs need to be able to adapt to these technological disruptions. - Click here for the complete article!
Audit Technology Insights -Technology Champions: Key Strategic Enablers - Wolters Kluwers TeamMate - The Institute of Internal Auditors’ (The IIA) 2015 CBOK Report — “Staying a Step Ahead: Internal Audit’s Use of Technology”— found that only 4 in 10 chief audit executives (CAEs) say their use of technology is at an appropriate level. Given such a low percentage, it’s no wonder that exploring how to better deploy and utilize technology has become a major strategic consideration for many CAEs. Download the report now!
Technology: The key to a better audit experience - As auditors, we often find that when performing our duties our focus is on analyzing the data effectively. This is how we are able to uncover any potential anomalies, trends or outliers that could put the business at risk or that may potentially point to fraud. But thanks to technology’s increasing role in auditing, there is more demand for us to provide our clients with a great audit experience. While some clients are happy to stay un-involved in how auditors do their work and are only interested in receiving excellent service—e.g., work is completed accurately and on time; meaningful insights are provided; there is a good working relationship with the auditor, etc.—others want the audit process to provide them with a good client experience.. - See the news item with a link to the rest of the story!
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.
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
Register and view the following live webinars with CPE (cost $0).
- March 6, 2017 Combined Assurance: What’s all the Buzz? Register Now!
- March 16, 2017 Proactive Data Analysis Techniques to Find Financial Statement Fraud Register Now!
- April 19 Top 10 Excel Analytic Tests to Minimize Fraud and Process Risks
- June 14 Detecting Corruption and Other Business Conflicts With Analytics
Previously Recorded Webinars
- Sure Fire Ways to Succeed with Data Analytics February 1, 2017 Recording Only No CPE
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.
Following are the current Webinars available for registration:
- Top 10 Excel Analytic Tests to Minimize Fraud and Process Risks (2 CPE) April 19 Register Now!
- Detecting Corruption and Other Business Conflicts With Analytics (2 CPE) June 14 Register Now!
- Maximizing Textual Analytics to Minimize Fraud Risks (2 CPE)September 13 Register Now.
- Visualize Audit Sampling and Fraud Detection in Excel (2 CPE) December 13) Register Now.
The following Webinars are also planned for 2017
- Internal Audit's Role in Ethics, Governance, & Culture (1 CPE)
- Fraud an Forensic Accounting (2 CPE)
- Auditing for Internal Fraud (2 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® Back to the Future - AuditNet® reintroduces a limited selection of audit templates under a new subscription plan! Over two decades ago AuditNet® began collecting audit procedures and programs from auditors around the world and making them available to the global audit community. The Auditors Sharing Audit Programs (ASAP) became a foundation for the inventory clearinghouse of templates now used by thousands of auditors.
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® Technology Webinars
AuditNet® has made the following recording available to the audit community in order to demonstrate the power of leveraging technology. These Webinars are part of the AuditNet® commitment to sharing. To view these recordings go to AuditNet.tv (registration required). The slides for these and other Webinars are available on SlideShare.
Data Analytics and the Small Audit Department - How to Implement for BIG Gains
The Power of Business Profiling Using Data Analytics - CaseWare Analytics
Auditing Culture: A Red Flag Approach TeamMate
Technology Assisted Control Self-Assessment Techniques TeamMate
How to Design and Easily Automate Fraud Fighting Analytics Arbutus/BKD
Managing the Millennial Auditor TeamMate
Data Driven Audit Committee Presentations – In Theory and Practice TeamMate
Essentials for Conducting Anti-Corruption Audits CaseWare Analytics
Increasing Audit Effectiveness with Data Analytics TeamMate
Using Benford’s Law for Fraud Detection & Auditing CaseWare Analytics
- The History of Benford’s Law
- Practical Applications of Benford’s Law
- The Application of Benford’s Law Within IDEA
Spreadsheets and CAATs for Data Analysis CaseWare Analytics
Building a Data Analysis Program CaseWare Analytics
AuditNet® 2017 Update - AuditNet® subscription rates increased in January 2017 but we also added a new benefit. 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). (Rates are subject to change).
AuditNet® also has more than 100 templates in the queue for fraud, retail banking, COSO 2013, CPA engagements and more. For auditors who would prefer to have all of our templates on a flash drive we are considering that option and will provide details soon!
2017 Subscription Rates
|5 User Licence||$475||$499|
|6-9 User License||N/A||$499 for first 5 + $75 Each individual|
|10 User License||$825||$899|
|11-14 User License||N/A||$899 for first 10 + $70 each individual|
|15 User License||$1000||$1249|
|20 User License||$1250||$1499|
|30 User License||$1500||$1699|
Audit Bookstore - see all the books that are available for auditors
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
- Budget Services Audit (Schools)
- COSO-Internal Control Framework C2 - Control Activities: Banking
- COSO-Internal Control Framework C2 - Control Activities: Information and Communication
- Consumer Finance Audit Work Program (Banking)
- Fraud Assessment Questionnaire
- Finance Audit Work Program (Banking)
- Fraud Audit Template - Cash Larceny
- Fraud Audit Template - Skimming Receivables
- Fraud Audit Template - Skimming Sales
- IT Audit Work Program (Banking)
Next Month 2017 Additions
Risk Assessment in the Digital Age
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 risk'. 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.
- Audit Plan Additions for a Digital World
- 5 Tips for Managing Compliance Risks in the Digital Age
- Internal Audit, Risk Management, and Technology
- The value of assurance in managing risks –Financial Services Internal Audit 2016
The AuditNet® 2017 State of Technology Use by Auditors is now open as 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. Take the survey now and join us for a Webinar later this year!
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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