KL+ Announcement
Don’t have an hour to spend on a single course? Risk Briefs are 10- to 15-minute “shorts” based on KnowledgeLeader articles presented in an engaging multimedia format.
Hot Issue and Related Poll
To properly fight fraud it is not enough to use leading technology solutions without hiring knowledgeable auditors. According to Patrick Taylor, CEO of Oversight Systems, it is necessary to use both. In this article, Taylor discusses the pros and cons associated with involving humans and technology in fraud audits and how teaming the two improves the end result.
This week’s poll question asks: "Does your organization deploy leading technology and knowledgeable auditors as a package when fighting fraud?"
Previous Poll Results
See the results from last week's poll, "Does your organization have a fully documented BCM plan in place?"
Performer Profile
Océ is a global leader in digital document management and delivery technology providing its customers software solutions, digital printers, copiers, plotters and scanners. In this profile, Rob H. van Nie, the vice president of the internal audit department at Océ, describes how the company established an internal audit department in response to its complex organizational and financial structure. van Nie also discusses how the internal audit department implements best audit and control practices and how governance impacts the group’s role.
Compliance Week Article
The Financial Accounting Standards Board and its international counterpart want to eliminate all major differences between U.S. and global accounting standards by 2011, but a minefield of disagreements still lies ahead. The boards recently discussed how to plug holes in accounting rules that contributed to the current credit crisis, and FASB Chairman Bob Herz stressed that accounting rules alone are not to blame. “We’re not an inspection or enforcement agency, but…we’re trying to discern which reporting issues were related to the standards themselves or compliance issues,” he said.
Auerbach Article
Data Loss Prevention (DLP) is quickly becoming one of the most overused, yet misunderstood acronyms in an industry known for its cryptic abbreviations. ‘DLP’ is appearing on a puzzling variety of security products, adding to the confusion and hype. This article explains what DLP is, why it is important, and how it works.
Article
Trade promotion spend has tripled during the last 20 years. However, executives see few benefits from this large spend. This article shows how TPM is often a cumbersome, manual process with few controls, and highlights some of the key “pain points” companies often experience.
Questionnaire
This is the third section of a thirteen part mainframe data center general controls questionnaire. This section covers physical security.
Work Program
This work program focuses on auditing computer operations. It concentrates on the IT general controls to be tested; reviews the results of management’s testing; and documents the procedures used to test each control.
Policy
The purpose of this policy is to set standards for board committee structures and protocols. To be most effective, board committees require formal terms of reference that clarify the committees’ mandates, composition and limitations.
Announcement
KnowledgeLeader is pleased to announce that a recent flash report has been published on KnowledgeLeader in Chinese. The content can be located by clicking on "Topics" --> "China."
KnowledgeLeader News
Pearson VUE, the electronic certification and licensure testing business of Pearson, announced the transition of The Institute of Internal Auditors' (IIA) certification exam, the Certified Internal Auditor (CIA), from paper-and-pencil to computer-based test delivery. This exam will be delivered exclusively through Pearson VUE's company-owned and -operated network of Pearson Professional Centers, as well as at Pearson VUE(R) Authorized Test Center Select locations around the world. Source: PRNewswire
Featured External Link
Subprime losses spawn board-level risk committees. Sign of the times: Hot job title is Chief Risk Officer. Source: Financial Week
Featured CPE Course
This course is offered at a discount through KnowledgeLeader’s partnership with MicroMash. The completed course is worth 9 CPE credits and is designed to help you:
- describe contingencies (SFAS 5),
- calculate imputed interest on debt, and debt with equity features,
- discuss troubled debt restructuring (SFAS 15, 114),
- explain unconditional purchase obligations (SFAS 47),
- identify extinguishment of debt (APB 26; SFAS 4, 64, 125), and
- describe the financial instruments project.
To view the full list of CPE courses, please visit KnowledgeLeader’s Standards & Trainings Page and follow the MicroMash Online CPE Courses link.
Did You Know?
The Standards represent the basic principles of the practice of internal audit. They are intended to provide a framework for internal audit activities, establish the basis for evaluation of internal audit performance, and foster improved organizational processes and operations. The Standards consist of Attribute Standards, Performance Standards, and Implementation Standards and are part of the IIA’s Professional Practices Framework.
CCH Tax and Accounting - Accounting Research Manager Updates
- Revenue Recognition -- FASB to Discuss Revenue Recognition, Reporting Discontinued Operations and Other Matters
- Financial Instruments -- EITF Materials Issued for June 12, 2008 Meeting
- Business Combinations -- SEC Proposes Revisions to its Cross-Border Tender Offer and Business Combination Rules
- Peer Reviews -- AICPA Revises Standards for Performing and Reporting on Peer Reviews
- Audit Documentation -- AICPA Issues Proposed Standard on Audit Documentation
- Auditor Communications -- AICPA Issues Proposed Standard on Auditor's Communication with Those Charged with Governance
Top 5 Pages on KnowledgeLeader
The following links will take you to the five most popular pages from the week of April 28, 2008.