UPDATED BOOKLET
Guide to International Financial Reporting Standards
International Financial Reporting Standards (IFRS) are the principles-based financial reporting requirements adhered to by more and more countries worldwide. Conversion to these standards is well-underway in many nations, including Canada and Japan. There is now little doubt that IFRS is coming to the United States. The purpose of this publication is to assist organizations with this pending transition and provide answers and guidance to some of the many questions about the conversion to IFRS. This second edition provides an updated view on the state of IFRS adoption.
REGULATORY UPDATE
Congress Passes Finance Reform Bill with Section 404(b) Exemption for Non-Accelerated Filers
While there are many provisions in the new U.S. financial reform legislation that are commanding the headlines, one provision of interest to smaller public companies relates to Section 404(b) of the Sarbanes-Oxley Act. The new legislation provides that companies with a public float below $75 million (the so-called “non-accelerated filers”) will be exempt from complying with the attestation requirements of Section 404(b) of the Sarbanes-Oxley legislation. Under Section 404(b), the companies’ auditors are required to issue an opinion on the effectiveness of the audit client’s internal control over financial reporting (ICFR). However, such companies must still file an internal control report in accordance with Section 404(a) in which management must make an assertion as to the effectiveness of internal control over financial reporting.
NEWSLETTER
Regulatory Reform in the United States – New Rules, Many Questions
FS Insights, a quarterly publication from Protiviti’s Financial Services Practice, provides timely coverage of issues facing the financial services industry and insights to help you identify and manage risks, and adapt to the changes affecting financial services companies. The article in this issue includes: Regulatory Reform in the United States – New Rules, Many Questions.
QUESTIONS & ANSWERS
Other Questions
This section of Protiviti's “Guide to Enterprise Risk Management: Frequently Asked Questions" addresses other common questions about ERM. Topics covered include: Will implementation of the COSO Enterprise Risk Management – Integrated Framework prevent fraud? Have any of the companies that have publicly disclosed their ERM processes received any positive feedback from analysts? And, can all of the information about risk and risk management be classified as attorney-client privileged information, and therefore not be discovered?
QUESTIONNAIRE
Section 404 Compliance: Lessons Learned – Questionnaire
Organizations now have years of experience complying with the Sarbanes-Oxley Section 404. Because of this, it is a good time to reflect on lessons learned. This questionnaire focuses on how to improve the compliance process, such as deploying a top-down approach and implementing a risk-based approach.
GUIDE
Global Technology Audit Guide (GTAG) 15: Information Security Governance
Information is a significant component of most organizations’ competitive strategy either by the direct collection, management, and interpretation of business information or the retention of information for day-to-day business processing. This guide will provide a thought process to assist the chief audit executive in incorporating an audit of information security governance (ISG) into the audit plan, focusing on whether the organization’s ISG activity delivers the correct behaviors, practices, and execution of information security.
POLICY
Inventory Policy – Sample 2
This policy establishes guidelines regarding company inventory definitions and classifications, personnel responsibilities, inventory valuation, inventory adjustments, inventory reserves and disposition of inventory.
FEATURED EVENT
Audit World 2010
MIS Training Institute is proud to present the third annual Audit World, being held in Boston at the Hilton Back Bay Hotel on September 21-23, 2010. Building on the success of last year's event, the 2010 agenda delivers a case study-driven, information-rich program in four defined tracks: Financial Services, Non-Financial Services, Manufacturing and Best Practices. Through its unique format, each session will deliver proven strategies that will lead you to get better results in your workplace. Click on the above link to read more about a special offer for KnowledgeLeader subscribers.
FEATURED LINKS
IT Outsourcing: How to Save Money after the First Year
The prices CIOs pay for IT outsourcing services can grow drastically out of sync with the market after the first year of the deal--especially today, when IT outsourcing prices are dropping dramatically. Here's how to keep your IT outsourcing costs in line during year two and beyond. Source: CIO.com
New IIA Practice Guide: Chief Audit Executives - Appointment, Performance Evaluation and Termination
This guide discusses the types of considerations senior management and boards of directors would typically address when appointing, evaluating, or terminating a chief audit executive (CAE). Source: theiia.org
FEATURED KLplus COURSE
Introduction to Information Technology (IT) Audit
Information technology (IT) in today’s business environment has a direct impact on a company’s risk, and this relationship to risk should be an important driver in the internal audit process. IT performs or provides the information needed for many key controls in the business process, but it also brings inherent vulnerabilities. The completed course is worth 1 CPE credit and by the end of the course the learner will be able to:
- Discuss the origin of the COSO Enterprise Risk Management Integrated Framework
- Discuss, at a high-level, the IT environment
- Identify the most common IT risks
- Describe the difference between general IT controls and application controls
- Describe, at a high-level, the COBIT framework
- Describe how to work with IT Auditors in an integrated IT/process audit
To view the full list of CPE courses available on KnowledgeLeader, please visit the
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plus, visit the
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FEATURED FAVORITE
Controls Self-Assessment Program Overview - Training Presentation
Self-assessment is a recognized best practice and has been applied to risks and controls for many years. When systematically applied across the organization at the entity and process levels, self-assessment is a pre-determined approach whereby individuals self-review or self-audit the controls for which they are responsible and communicate the results to appropriate management. The intent of this training document is to assist control owners, process owners and internal audit with implementing and executing the self-assessment process focused on IT controls.
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FROM THE ARCHIVE
Application Controls Audit Work Program
There are five areas that should be considered when auditing financial end-user developed spreadsheets and other applications: change control; version control; access control; input control; and security and integrity of data. This audit program has a variety of audit steps you can apply depending on the complexity of the application.
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CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES
Weekly Summary of Accounting, SEC, and Auditing Developments
- Financial Reform -- Legislation Enacted That Provides Permanent Exemption from SOX 404(b) for Certain Smaller Companies
- Receivables -- FASB Issues Guidance on Disclosures About Credit Quality and Allowance for Credit Losses
- New Accounting Standards -- Checklist Updated
- Contingencies -- FASB Issues Proposal on Disclosure of Certain Loss Contingencies
- Securities Act Rules -- SEC Staff Issues Updated Interpretations on Securities Act Rules
- Leases -- FASB Discusses Leases and Other Matters
- EITF Materials -- FASB Issues Additional Materials for July 29, 2010 EITF Meeting
- PCAOB Standing Advisory Group Meeting -- Minutes of the July 15, 2010 Meeting Published
- SEC Organization -- SEC Chairman Testifies on Recent SEC Activities and Reforms
- International Accounting -- SEC Commissioner Testifies on International Cooperation
- Production Stripping Costs -- IFRS Interpretations Committee Discusses Production Stripping Costs and Other Matters
- PCAOB Standing Advisory Group Meeting -- Minutes of the July 15, 2010 Meeting Published
- Reporting on Controls at a Service Organization -- Discussion and Analysis of SSAE 16
- Service Efforts and Accomplishments -- GASB Issues Guidelines for Reporting Performance Information
- Financial Instruments -- GASB 59 Discussed
- GASB Report Issued -- Financial Instruments and Other Matters Discussed