New This Week

Survey Report

2013 Sarbanes-Oxley Survey

As the Sarbanes-Oxley Act enters its second decade (and Section 404 nears the end of its first decade), organizations with the most effective and efficient compliance capabilities are learning from the past, rather than repeating it. Key findings from Protiviti’s 2013 Sarbanes-Oxley Compliance Survey reveal that the best compliance efforts remain spry and seek to build value as well as increase effectiveness.

Regulatory Update

Protiviti Flash Report: COSO Releases Long-Awaited Update to Its Internal Control Framework

COSO has announced that it has released its updated Internal Control – Integrated Framework. Developed over a two-and-a-half-year period, the New Framework and related illustrative documents are intended to help organizations in their efforts to adapt to the increasing complexity and pace of change, to mitigate risks to the achievement of objectives, and to provide reliable information to support sound decision-making.

Hot Issue

The Change Agent Auditor

In order to achieve demanding results, auditors must demonstrate change agent skills. A change agent is a catalyst; they must make a difference while maintaining professional independence, balanced perspective, skepticism and objectivity and shift their focus from “has been” or “is” to “could be.” In this article, Ann Butera explains what you should keep in mind to make organizational change happen. Be sure to join our complimentary webinar on June 13th for Ann’s in-depth presentation on how to become a change agent.

Regulatory Update

SEC Flash Report: NASDAQ Withdraws Proposed Internal Audit Function Rule with Intent to Resubmit It

Three months ago, NASDAQ proposed a new rule to require listed companies to have an internal audit function. In light of the breadth and nature of the comments from its issuer community and other stakeholders, the NASDAQ has determined to withdraw its proposal so that it may adequately consider these comments. This flash report summarizes the reasons for NASDAQ’s decision, possible changes NASDAQ might make to this rule before resubmitting it, and key considerations for NASDAQ-listed companies.

Taylor & Francis Article

Questions for the Board of Directors to Ask About Information Technology

Many commentators argue that boards of directors lack necessary expertise to ask appropriate questions and advocate that boards should include an IT specialist to plug the gap. This article proposes seven business strategy-oriented questions to ask about IT.

Guide

Consumer Products and Services Industry Trends

This guide highlights trends in the consumer products and services industry, including the packaged goods, clothing, consumer electronics, beverage and automotive sub-industries.

Questionnaire

Control Self-Assessment Questionnaire: Section 404 Readiness

Self-assessment is a recognized best practice and has been applied to risks and controls for many years. This questionnaire serves as a basis for gathering information on financial statements related to Section 404 readiness.

Questionnaire

Sarbanes-Oxley Compliance Questionnaire

In recent years, compliance with Sections 302 and 404 of the Sarbanes-Oxley Act of 2002 has commanded the attention of company executives. This questionnaire addresses how organizations can make this a sustainable compliance process.

Updated Audit Report

Incentive Compensation Audit Report

This sample report summarizes an internal audit review of the incentive compensation area. The report includes an executive summary, description of audit work performed, process maps of the audit area, and recommendations.

Featured Topics

Protiviti Survey

Protiviti’s 3rd Annual IT Audit Benchmarking Survey

How does your organization rate? You are invited to take our benchmarking survey, which analyzes the underlying IT audit trends facing the internal audit profession today. This study will help the profession gain valuable and important insight into the status and stature of IT audit processes across multiple industries and company sizes. It will take approximately 15 minutes to complete. No login ID or password is required to access the survey. We plan to compile the results of this survey and distribute a publication in the fall of 2013.

Featured Links

Damn Excel! How the 'Most Important Software Application of all Time' is Ruining the World

The popular Microsoft program has been implicated in the financial crisis, Europe's growth problems, the U.S.'s weak economic recovery, and pretty much everything else. Source: cfo.com


Learning From Auditor War Stories

Dark Reading recently spoke with Protiviti’s Brian Christensen and a number of other auditors and assessors to get the lowdown on some of the biggest mistakes or disasters they've witnessed firsthand. Here are a few of their accounts, along with their insights on the lessons other organizations can take from them. Source: darkreading.com

Featured KLplus CPE Training Course

Cost Accounting Module 1: Cost Terms, Concepts and Classifications

This course will provide the learner with a working knowledge of cost accounting and the areas it supports, while introducing the key benefits related to cost accounting. Moreover, it discusses how these concepts can be applied to situations and decisions outside of the manufacturing realm. The completed course is worth 1 CPE credit and by the end of the course the learner will be able to:

  • Converse with fundamental cost accounting terms, concepts and classifications
  • Support factory accounting, inventory control and financial planning
  • Obtain important insight into management’s expectations of their cost accounting system
  • Advance with the foundational knowledge and skills needed for remaining Cost Accounting Modules

From The Archive

Data Integrity Risk Questionnaire

Data integrity risk encompasses risks associated with the authorization, completeness and accuracy of business transactions as they are entered into, processed, summarized and reported by the various network-enabled systems. This questionnaire outlines data integrity business risks and practices for dealing with such risks.

CCH Tax and Accounting - Accounting Research Manager Updates

Weekly Summary of Accounting, SEC, and Auditing

This Week's Poll

Article: COSO Releases Long-Awaited Update to Its Internal Control Framework

Previous Poll Results

Article: Auditing IT Investment Management: Aligning IT with Business Priorities