Compliance Week and Related Poll
When it comes to choosing a framework for implementing enterprise risk management, companies should research their options carefully and weigh the many choices out there. In this article, experts offer their tips on how to select the one framework that best fits a company’s needs.
This week’s poll question asks: "Is your organization using the risk management framework that best fit its needs?" Participate in this quick poll to understand how you measure up against your peers.
Previous Poll Results
See the results from last week's poll, "Regardless of whether your company is private or public, does your organization recognize the importance of consistent and reliable revenue recognition practices?"
Newsletter
How the board views risk oversight as a process should dictate how it chooses to organize itself for purposes of executing that process. The risk oversight process enables the board and management to develop a mutual understanding regarding the risks the company faces over time as it executes its business model for creating enterprise value. There is no one size that fits all. This issue of Board Perspectives: Risk Oversight discusses some of the factors that boards of directors should consider as they organize their board for risk oversight.
Taylor & Francis Article
Every day, billions of pages of confidential information -- medical records, legal documents, and financial data -- are produced and distributed using sophisticated digital office systems -- printers, copiers, facsimile, and MFDs. Many businesses may be unaware that whenever these devices are connected to a network, the risk of unauthorized access and data loss exists. Critical data and documents are therefore vulnerable to security breaches, yet organizations often focus on securing their network, PCs and servers and not on device input/output equipment - leaving a back door open to anyone intent on undermining your business interests. An MFD may also be a source of electronic evidence for an auditor or investigator.
Questions & Answers
This section of Protiviti's " Spreadsheet Risk Management: Frequently Asked Questions," addresses common questions about gaining assurance over critical spreadsheets. Topics covered are: How can the organization ensure that spreadsheet owners are appropriately managing spreadsheet risk? Is it possible to rely on the spreadsheet risk management process to provide assurance over the critical spreadsheets? And, how often should spreadsheets or the spreadsheet control environment be evaluated?
This section of Protiviti's "Guide to The Sarbanes-Oxley Act," addresses common questions focused on private companies and initial public offerings. Topics covered are: Any advice for a privately held company that intends to either undertake an IPO or sell to a public company during the next two to three years? If a private company has plans to go public sometime in the future, with plans to file an S-1 three years from now (which would require three years of audited financial statements), would three years of internal control attestation reports by its public accountants be required as well? And, should a privately held company implement provisions of Sarbanes-Oxley?
Questionnaire
A company’s anti-fraud program is an integral part of its corporate governance process and is fundamental to protecting tangible and intangible enterprise value and preserving the reliability of public reporting. This document focuses on key questions for board members and management when evaluating the anti-fraud program.
Guide
ITIL® is a consistent and comprehensive documentation of best practice for IT Service Management. This guide provides definitions to commonly used ITIL acronyms and terms.
Featured Links
At last, some good news. For the first time in more than a year, finance chiefs expect double-digit growth in earnings and significant growth in capital spending over the next 12 months for the first quarter of 2010, according to the Duke University, CFO Magazine Global Business Outlook Survey. Finance chiefs are also loosening the reins on technology spending, research and development, and marketing and advertising spending. Source: CFO.com
For decades, the pendulum has swung between centralized IT organizations and decentralized operations featuring small IT groups in each business unit. But with the urgent need to cut costs today, there is s a good argument to be made for the former arrangement. Source: CIO.com
Featured KLplus Course
This course provides an overview of the concepts and principles of loss prevention and a review of key issues and trends. The completed course is worth 1.5 CPE credits and by the end of the course the learner will be able to:
- Understand the basic language and components of Loss Prevention (LP)
- Identify and describe the three major categories of loss in organizations
- Understand how LP principles can be used to reduce risk and improve profits
- Identify the four major areas of financial fraud in retail organizations
- Learn and recognize how safety issues contribute to loss in organizations
- Explain the auditing function within the field of Loss Prevention
To view the full list of CPE courses available on KnowledgeLeader, please visit the KLplus page, or to request an upgrade to KLplus, visit the My Account page.
Featured Favorite
This sample job description outlines the roles and responsibilities for the position of a Senior Vice President, Chief Risk Officer. It focuses on the identification, assessment and management of all risks associated with both new business and existing business, and chairing appropriate risk management committees. This job description has been tagged as a Favorite by your fellow subscribers.
Did You Know?
Protiviti allows professors and their students the opportunity to use the resources available on KnowledgeLeader to broaden their curriculum and help students further their studies in internal audit, IT audit, and accounting. Professors and students in approved courses may receive complimentary access to the website for the duration of their studies. If you are a university professor or student, or know someone who could benefit from the University Program, please email KnowledgeLeader@protiviti.com.
CCH Tax and Accounting - Accounting Research Manager Updates
- Conceptual Framework -- FASB and IASB Publish Reporting Entity Proposal
- Credit Derivatives -- FASB Issues Guidance on Embedded Credit Derivatives
- New Accounting Standards -- Checklist Updated
- Revenue Recognition -- Revenue Recognition Guide Amended
- Hedge Accounting -- FASB Discusses Hedge Accounting and Other Matters
- PCAOB Inspections -- SEC Approves PCAOB Rules Relating to Inspections
- Financial Instruments -- IASB Financial Instruments and Other Matters
- Compliance Auditing -- Discussion and Analysis of SAS 117
- PCAOB Inspections -- SEC Approves PCAOB Rules Relating to Inspections
- GASB Standards -- GASB Proposal on the Codification of FASB and AICPA Pronouncements Discussed
From the Archive
Policies are an important part of the internal control over financial reporting evaluation process. This is a sample checklist to use when identifying the availability and status of company policies associated with the financial reporting process. This tool also assists with organizing policies by financial statement, area of significance, and financial statement element. It is one of our many pieces of content focused on Sarbanes-Oxley.
Top 5 Pages on KnowledgeLeader
The following links will take you to the five most popular pages from the week of March 1, 2010.