Survey Report
The continuing turbulent wake of the global recession and the dynamically changing regulatory landscape have prompted financial services companies to strike a balance among risk management, maximizing profitability, and achieving and maintaining regulatory compliance. As the regulatory environment continues to expand in scope, achieving the right balance among these areas will continue to be a challenge for financial services institutions. These challenges are evident in the financial services industry findings from Protiviti’s 2012 Internal Audit Capabilities and Needs Survey.
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How does your organization rate? You are invited to take our second annual 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. The survey 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 2012.
Article
It’s no secret that financial institutions will continue to face many obstacles, including the proposed Enhanced Prudential Standards and Early Remediation Requirements for Covered Companies (Regulation YY). The proposal, while lengthy, covers a broad range of topics. This white paper initially focuses on a subset of the provisions – specifically, those that drive an immediate impact. These areas include risk-based capital, single-counterparty credit limits, risk management and risk committee requirements, and stress testing.
Regulatory Update
An enforcement action against a bank subsidiary of a Top 10 bank holding company, which was recently made public by the Office of the Comptroller of the Currency (OCC), has attracted considerable media attention. The enforcement action is noteworthy for the significant volume of remediation requirements imposed on the company, some which we have seen in other enforcement actions and others which suggest evolving regulatory expectations. The purpose of this Flash Report is to highlight the requirements imposed by the OCC in this instance and, in doing so, to offer a framework for financial institutions to compare their own practices against the mandated requirements.
Auerbach Article
Even the most experienced team leaders can make us weep with boredom. Tuning out boring virtual leaders is far easier. So, how can boring virtual leaders learn to become more captivating? This article takes a look at some steps even the blandest leader can take to evolve into an engaging, stimulating and captivating leader, from near or far.
Methodologies & Models
Using a standard project management methodology maximizes the success rate of projects delivered customers. This project management methodology document focuses on project standards and project management processes and techniques.
Policies & Procedures
This policy outlines a set of procedures for receiving debit notes from customers in situations where goods are returned or rejected.
Sample
This form assists in evaluating Sarbanes-Oxley control deficiencies and allows management to document related responses. The evaluation criteria includes: evidential deficiencies, potential impact to financial statements, safeguarding of assets and antifraud controls, likelihood that an error could occur, compensating controls and multiple similar control deficiencies.
Featured Links:
After receiving extensive feedback, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Monday that it expects to delay the release of its updated internal control framework until the first quarter of 2013. Source: journalofaccountancy.com
With the data center moving to various cloud configurations, security concerns and server provisioning will have to be taken into consideration. Companies will be increasingly required to implement tight security, application and infrastructure controls. Source: www.cio.com
Featured Events
Tuesday, 5/15 at 11:00am PT (60 mins.)
Join a panel of experts at NASDAQ, RR Donnelley, Kirkland & Ellis and Protiviti to learn about the dynamics of the new landscape and identify key steps in planning for IPO in 2012.
Tuesday, 5/22 at 8:30am PT (60 mins.)
Corruption may not be an issue for your organization but the heightened government focus on fighting corruption and bribery could impact your business. Join this webinar to discuss leading practices to evaluate, mitigate and monitor potentially costly financial and harmful reputation risks. Topics include trends in Corruption/Bribery risks and regulatory landscape (including FCPA fines and implementation of the U.K. Bribery Act.)
Tuesday, 5/22 at 10:00am PT (60 mins.)
Banks of all sizes are undertaking significant efforts to fulfill risk-based capital requirements. In this webinar, we will provide an overview of the most important regulatory developments related to capital and provide practical insights into what financial institutions should do and know when they prepare for Capital Plans and Stress Testing. Also to be discussed: what should be done to avoid a repeat of the financial crisis.
Featured Favorite
This policy establishes procedures to manage fixed assets and ensure accounting for these assets, including depreciation, is in compliance with management's objectives. This policy was marked as a Favorite by your fellow subscribers.
CCH Tax and Accounting – Accounting Research Manager Updates
- Financial Instruments -- FASB Discusses Financial Instruments and Other Matters
- Construction Contractors -- New Edition of Interpretation Published
- COSO -- AICPA White Paper Explains COSO Proposed Updated Framework
- Annual Improvements Project -- IASB Publishes Proposal for Amendments
- COSO -- AICPA White Paper Explains COSO Proposed Updated Framework
- Construction Contractors -- New Edition of Interpretation Published
- Auditor Communications -- AICPA Clarified Auditing Standard Discussed
- Single Audits -- Proposed Changes for the Single Audit Act and Other Circulars Discussed