PERFORMER PROFILE AND RELATED POLL
Luxottica Group – on the road to ERM
Luxottica Group is a global leader in the design, manufacture and distribution of premium eyewear, selling such well-known brands as Ray-Ban®, Oakley®, Persol and more through wholesale and retail channels. In this profile, Luca Fadda, Vice President of Internal Audit at Luxottica, talks about the importance of improving the risk management process, enhancing governance of the process and ensuring management was more embedded in the daily activities of the senior staff. This involved identifying a chief risk and compliance officer to build the risk management and compliance function.
Poll: Internal Audit Performance Measures
This week’s poll question asks: "Please indicate which of these measures you consider of primary importance for your internal audit organization."
BENCHMARKING PARTICIPATION REQUEST!
Protiviti’s 3rd Annual Sarbanes-Oxley Compliance Survey
You are invited to take this survey, which focuses the current state of Sarbanes-Oxley compliance for all types of organizations, the related costs and how to achieve a desired state of verifiable compliance, value-add and sustainability. The survey will take approximately 15 minutes to complete. No login ID or password is required to access the survey.
PREVIOUS POLL RESULTS
Poll: 2012 IT Projects Focus
See the results from last week's poll, "Which of the following is the primary focus of your organization’s 2012 IT projects?"
HOT ISSUE
SOX and SOCs: Their Continued Inter-Play – Part 3
By now your company is likely in the Sarbanes-Oxley Section 404 mode. As internal auditors you are once again pondering what to do with what used to be SAS 70 reports, realizing that this year the issues are more complex. This article addresses the question: What are my organization’s responsibilities to review the sufficiency of SOC reports received, as related to the internal Sarbanes-Oxley program or required by my external auditors?
COMPLIANCE WEEK ARTICLE
More Dodd-Frank Compensation Rules Coming in 2012
The SEC says it is gearing up to work on new compensation rules early in 2012, including several new disclosure requirements that are part of the Dodd-Frank Act. The new rules include disclosure of the ratio of CEO pay to employees and the relationship between executive compensation and performance, new clawback provisions and rules on hedging against executive and director company stockholdings.
AUERBACH ARTICLE
Evaluating Cloud Servers and Solutions
One of the value propositions of public cloud services for many people or organizations is the low advertised cost compared to using traditional in-house capabilities. As part of evaluating a cloud service, understand what the advertised fee includes, along with the terms of service.
PROTIVITI PODCAST
“eRM” at Hyatt
In this era of ever-expanding risks for the hospitality industry, Hyatt’s internal audit function has found success by focusing on its most significant risk areas. In this podcast, Jim Werner, Vice President of Internal Audit at Hyatt, discusses his organization's successful efforts to leverage ERM in these efforts.
QUESTIONS & ANSWERS
An Overview of the Public Company Readiness Effort - Questions and Answers from the Guide to Public Company Readiness – Frequently Asked Questions
This section of the "Guide to Public Company Readiness – Frequently Asked Questions" focuses on the public company readiness effort. Topics covered include: What are the most common mistakes made or oversights committed during a public company readiness effort? What are the largest risks a company faces if it conducts an incomplete or ineffective preparation process? And, what are the primary elements of PCR related to organizational infrastructure that need to be addressed?
SAMPLE
Request for Qualifications: IT Professional Services Qualified Vendor List – Sample
This is a sample request for qualified IT services to help create an IT vendor list for multiple year projects. The information requested in this document includes: description of work to be performed, service categories, procedures for obtaining services, and special contracting terms and conditions.
UPDATED POLICIES
Cash Handling Procedures
Cash handling procedures are critical to safeguard the most liquid assets of any company. This document discusses cash controls including posting, bank interactions and other important considerations.
Signature and Authorization Policy
This policy documents the signature approval and authorization requirements necessary to commit company funds or assets related to trade promotion and pricing.
FEATURED LINKS
The Great Cloud Computing Pricing Debate
Public cloud vs. private cloud: which model is cheaper for enterprises? In an environment where the future pricing of public cloud providers is uncertain and the reliability of internal private cloud deployments is far from guaranteed, CIOs need guidance. CIO.com blogger Bernard Golden offers four tips for determining which deployment is right for your organization. Source: CIO.com
What to Put on Your Risk Radar Screen
IT security, global expansion and excess cash top the list of 10 risks companies should be particularly concerned about in 2012, according to the Corporate Executive Board (CEB). The research firm comes up with a list of so-called risk hotspots every year, based on discussions with clients, surveys, and observations about what's going on in the corporate world. Source: CFO.com
FEATURED KLplus COURSE
Introduction to the Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 (“the Act”) sets forth, among other things, new corporate governance standards for public companies within the United States. Under the new requirements, it will be incumbent upon boards of directors, CEOs and CFOs to not only design and implement appropriate corporate governance processes, but also to assess the risks their businesses face today and can reasonably expect to face in the future, and to manage those risks in an appropriate manner. This course provides an introduction to the Act and its most relevant sections. The completed course is worth 1 credit and by the end of the course the learner will be able to:
- Give an account of the origins of the Act
- Describe key sections (302, 404, 409, and 906)
- Explain the role of the SEC
- Explain the role of the PCAOB
To view the full list of CPE courses available on KnowledgeLeader, please visit the
KLplus page, or to request an upgrade to KL
plus, visit the
My Account page.
FEATURED FAVORITE
Leading Risks in the Automotive Industry
If there is an industry challenged with tremendous risk, it is definitely the automotive business. This is an increasingly globalized industry, subject to wide-ranging economic forces – from recessions and the fluctuating price of oil, to plant closures and shipping delays due to earthquakes and tsunamis. This article examines the top risks facing the automotive industry today.
This article was tagged as a Favorite by your fellow subscribers.
FROM THE ARCHIVE
Board Risk Oversight – A Progress Report
Risk oversight is a high priority on the agenda of most boards of directors. To develop deeper knowledge of the risk oversight process as it is applied by today’s boards of directors and to understand both the current state and desired future state of board risk oversight as viewed by directors, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) commissioned Protiviti to conduct a survey regarding the risk oversight responsibilities of the board of directors and how those responsibilities are being performed. As detailed in this report, the results shed new light on how boards are fulfilling their risk oversight obligations, the maturity of their processes for meeting these responsibilities and key areas offering opportunities for improvement as the risk oversight playbook evolves.
COMING SOON
The Need for Leadership
In today’s competitive business climate in which pressure to hit the numbers drives organizational behavior and priorities, auditors at every level need to display leadership skills within their organization, not just within the audit department, if they are to produce valued results and bring about the desired change within their organization’s internal control system and environment. Look for this article in our next issue!
DID YOU KNOW?
AuditNet Premium Content
AuditNet’s Registered User Audit Work Programs Area is typically only available to paid registered AuditNet users. However, as a KnowledgeLeader subscriber you have access to all of AuditNet's Premium Content as a part of our service.
CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES
Weekly Summary of Accounting, SEC, and Auditing Developments
- SEC and PCAOB Activities -- 2011 AICPA Year-End SEC and PCAOB Conference
- Consolidation -- FASB Proposes Guidance on Cumulative Translation Adjustment
- FASB Proposals -- FASB Extends Comment Period on Proposals
- Derivatives and Hedging -- Interpretation Updated
- Risk Alerts -- AICPA Issues Audit Risk Alerts
- Risk -- PCAOB Staff Publishes Guidance on Assessing and Responding to Risk in the Current Economic Environment
- Comprehensive Income -- FASB Discusses Presentation of Comprehensive Income
- IFRS for SMEs -- SME Implementation Group Issues Q&As
- Audit Opinions -- AICPA Standards on Forming an Opinion on Financial Statements Discussed
- Financial Projections -- GASB Proposes Financial Projections for Assessing Economic Condition
- Governmental Combinations -- GASB Closer to Issuing a Combinations Proposal
TOP 5 PAGES ON KNOWLEDGELEADER
The following links will take you to the five most popular pages from the week of November 28, 2011.
- Risk Assessment Audit Report
- An Effective Way to Conduct a Risk Assessment - Guide
- Top Risks in 2012 Poll
- Ten Questions the Board Should Ask
- Managing Corruption Risk – Questionnaire