Survey Reports
The following 66 items are listed by date.
June 21, 2010 2010 Sarbanes-Oxley Compliance Survey The initial years of complying with the Sarbanes-Oxley Act of 2002 required significant expenditure in terms of time, money and other resources. In subsequent years, these costs generally decline relative to revenues and, in most cases, in absolute terms. Protiviti’s inaugural Sarbanes-Oxley Compliance Survey provides valuable and important insights into how companies are complying with the internal control related provisions of the Sarbanes-Oxley Act. This publication reports on the current state of Sarbanes-Oxley compliance for all types of organizations, the related costs, associated benefits and value, as well as how to achieve a desired state of verifiable compliance and sustainability, hopefully at a reasonable cost. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, IT Controls, Risk Management & Assessment, Section 302 - Executive Certifications, Section 404 - Internal Control Reporting May 24, 2010 France 2009 Risk Management Barometer (Baromètre du Risk Management 2009) Protiviti publie la 6e édition du Baromètre du Risk Management en partenariat avec TNS-Sofres. Outil unique d’évaluation des tendances de la gestion de risques, il dresse un panorama complet de ces pratiques à partir d’une étude annuelle menée auprès des 100 Directeurs Financiers de grandes entreprises françaises cotées et non cotées. Il fournit également une nouvelle évaluation des risques et de leur niveau de criticité, décrit les moyens mis en œuvre pour mieux les gérer, et mesure les bénéfices et le niveau de performance de la gestion des risques. Comme chaque année, les résultats sont comparés par type d’entreprise (cotée ou non cotée) et par secteur d’activité. CONTENT AREA: Survey Reports TOPICS: Enterprise Risk Management, European Union, France, Risk Management & Assessment, Audit Committee & Board, Internal Controls April 19, 2010 2010 Internal Audit Capabilities and Needs Survey Protiviti’s fourth annual survey, found that internal auditing professionals are seeing greater demands on their time and skills to help improve processes while ensuring proper risk management and controls are in place. Participants, including chief audit executives along with internal audit directors, managers and staff, answered more than 100 questions in four categories: General Technical Knowledge, Audit Process Knowledge, Personal Skills and Capabilities, and a new category, Changes to The IIA Standards. The survey was designed to gauge how internal audit professionals perceive their present capabilities, where they currently see need for improvement, and how they prioritize those needs. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, IT Audit, Enterprise Risk Management, Training & Development March 22, 2010 2009 IT Internal Audit Capabilities and Needs Survey To gauge how IT Internal Audit professionals perceive their present capabilities and knowledge, Protiviti conducted a survey of 200 IT Audit professionals asking more than 70 questions in three subject areas: General Technical Knowledge, IT Audit Process Knowledge, and Personal Skills and Capabilities. Our findings show that automated and continuous monitoring, security and privacy, and fraud identification and prevention are among the top priorities for IT internal auditors. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Continuous Auditing, IT Audit, Security, Fraud, Privacy March 1, 2010 2009 Mainland China & Hong Kong Internal Audit Capabilities and Needs Survey Internal auditors play a vital role in enabling an enterprise to respond to the financial crisis and regulatory pressures effectively. In response to this heightened internal auditing role, Protiviti China conducted its second Mainland China and Hong Kong Internal Audit Capabilities and Needs Survey. Now its second edition, this report provides the opportunity to compare the 2008 and 2009 survey results – a summary comparison of the top areas for improvement for both years is indicated in each section of the report. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, Risk Management & Assessment, COSO, Enterprise Risk Management, Fraud, Training & Development, GRC, China March 1, 2010 2009 Mainland China & Hong Kong Internal Audit Capabilities and Needs Survey (2009年中国大陆与香港内部审计能力与需求调查) 甫瀚中国在大陆和香港地区组织了第二次的“内部审计能力与需求”调查，受访者包括首席审计执行官、审计总监、审计经理和其他内部审计人员，他们围绕三个主题回答了我们提出的90多个问题：“一般技术知识”、“审计流程知识”与“个人技能和能力”，并详细列出了他们认为当前最需要改进的领域。在这次调查中，我们注意到内部审计职能正朝着多元化方向转型，面对董事会、审计委员会、投资大众、企业管理层以及相关利益团体等对内部审计的期许，使得内部审计人员在关注传统内部审计职能的同时，也逐渐拓展至公司治理、内部控制、风险管理及合规等诸多领域。 CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, Risk Management & Assessment, COSO, Enterprise Risk Management, Fraud, Training & Development, GRC, China October 19, 2009 Achieving High Performance in Internal Audit Protiviti and the Institute of Internal Auditors – Australia, conducted research with chief audit executives from over 150 organizations exploring how organizations enable their internal audit function to advance good corporate governance. The research found a significant number of internal audit functions lack the appropriate framework to operate independently and objectively; an excessive level of influence is exercised by executive management over audit committee activities and the oversight and management of the internal audit function; and the majority of internal audit functions are unable to demonstrate compliance with the International Standards for the Professional Practice of Internal Auditing. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Australia, Internal Audit, Audit Committee & Board, Quality Assessment Review, Risk Management & Assessment, Benchmarking, GRC August 3, 2009 Moving Internal Audit Back into Balance - A Post-Sarbanes-Oxley Survey Protiviti conducted its fourth annual internal audit rebalancing survey in late 2009 to continue monitoring progress made towards rebalancing the internal audit function and how the landscape has changed. It has now been two years since the SEC and PCAOB made significant SOX-related announcements. The survey consisted of a series of questions grouped into two divisions: “Rebalance Strategy” and “Internal Audit Organization and Focus.” One of the most interesting trends emerging is an apparent drop among organizations in activities and perceived benefits relating to PCAOB AS5 and the SEC’s Interpretive Guidance. CONTENT AREA: Survey Reports TOPICS: Internal Audit, IT Audit, Sarbanes-Oxley Act, External Auditor, Internal Controls, IT Controls, Section 404 - Internal Control Reporting, COSO May 11, 2009 2008 Mainland China and HK IA Capabilities and Needs Survey This survey, Protiviti China’s first on internal audit competency and needs, was conducted from July to December 2007. A total of 172 respondents submitted completed surveys. The survey consisted of a series of questions grouped into three divisions: General Technical Knowledge, Audit Process Knowledge, and Personal Skills and Capabilities. Participants were asked to respond to 90 questions, each with two parts (rating their capabilities and indicating whether each capability was adequate or still needed to be improved). The purpose of the survey was to elicit responses that would illuminate the current perceived levels of competency in the many skills necessary to internal auditors, and determine which knowledge areas are most in need of improvement. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, Risk Management & Assessment, COSO, Enterprise Risk Management, Fraud, Training & Development, GRC May 11, 2009 2008 Mainland China and HK IA Capabilities and Needs Survey (2008中国大陆与香港内部审计能力与需求调查) 内部审计人员如要应对更多挑战，必须就关键知识领域具备较强的胜任能力。为了了解内部审计人员对自身现有能力的评估、当前需要改进的领域以及优先次序，甫瀚公司在中国大陆和香港地区组织了首次内部审计能力与需求调查，172名受访者中包括了首席审计执行官、审计总监、审计经理和其他内部审计人员。受访者围绕3个议题回答了我们提出的90个问题：一般技术知识、审计流程知识以及个人技能和能力，并列出了他们认为当前需要改进的领域。 CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, Risk Management & Assessment, COSO, Enterprise Risk Management, Fraud, Training & Development, China, GRC March 23, 2009 2009 Internal Audit Capabilities and Needs Survey Protiviti’s third annual survey, found that internal auditors are looking more seriously at competencies tied to greater transparency in enterprise-wide operations and processes as well as clear and consistent views of key objectives and strategies by boards and their internal audit functions. These competencies include: ERM; Fraud monitoring, Detection and Prevention; Continuous Auditing and Computer-Assisted Audit Techniques; and Developing Relationships with other Board Committee Members. The survey was designed to gauge how internal audit professionals perceive their present capabilities, where they currently see need for improvement, and how they prioritize those needs. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, IT Audit, Risk Management & Assessment, COSO, Enterprise Risk Management, Entity-Level Control, GRC August 4, 2008 2008 Loss Prevention Capabilities and Needs Survey Retailers appear to have a problem: Their loss prevention management group is not always working toward the same goals as those of corporate executives. While the C-suite is developing an overall strategy that all departments in the retail organization – including loss prevention – are expected to follow, what they identify as being areas of concern may not necessarily align with the priorities of loss prevention management. CONTENT AREA: Survey Reports TOPICS: Materials Management & Inventory, Consumer Products & Retail Industry, Internal Audit, Risk Management & Assessment, Ethics, GRC July 28, 2008 The 2008 Oversight Systems Financial Executive Report on Sarbanes-Oxley This report from Oversight Systems reflects an overall drop in the incidence of 404 exceptions and a continuing decline in SOX costs, but shows that financial executives’ number one SOX compliance goal for 2008 is to reduce compliance costs even further. Almost half of executives characterized their external auditors as trusted advisors, and about a third of respondents said their audit firm provides unbiased validation of their internal controls for SOX compliance. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Sarbanes-Oxley Act, Section 404 - Internal Control Reporting, External Auditor, Internal Controls, Cost Management, GRC July 7, 2008 Moving Internal Audit Back into Balance - A Post-Sarbanes-Oxley Survey Protiviti conducted its third annual IA rebalancing survey in early 2008 to continue monitoring progress made towards rebalancing the IA function and how the landscape has changed with additional guidance from the SEC and PCAOB. The survey consisted of a series of questions grouped into two divisions: “Rebalance Strategy” and “Internal Audit Organization and Focus.” The key findings focus on topics such as the impact of AS5 and the SEC’s Interpretive Guidance, primary benefits of rebalancing and associated strategies to achieve this goal. CONTENT AREA: Survey Reports TOPICS: Internal Audit, IT Audit, Risk Management & Assessment, Sarbanes-Oxley Act, External Auditor, PCAOB, Section 404 - Internal Control Reporting, GRC April 14, 2008 Preventing Fraud: Assessing the Fraud Risk Management Capabilities of Today’s Largest Organizations This report contains an in-depth look at the key points identified in a 2006/2007 study to gauge the fraud risk management capabilities of FORTUNE 1000 companies and large not-for-profit organizations. CONTENT AREA: Survey Reports TOPICS: Risk Management & Assessment, Fraud, GRC April 7, 2008 The Lord & Benoit Report: The Sarbanes-Oxley Investment In response to the growing interest in Section 404’s financial impact on smaller companies, Lord & Benoit, LLC gathered data to research this issue. This study examines compliance costs of 29 small public companies with the following question in mind: What exactly is the cost for a smaller public company to comply with Sarbanes-Oxley Section 404(a) and Section 404(b) regulations using the latest guidance issued by the SEC and PCAOB? CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Sarbanes-Oxley Act, Internal Controls, PCAOB, Project Management, Section 404 - Internal Control Reporting, Cost Management, GRC March 17, 2008 2008 Internal Audit Capabilities and Needs Survey Protiviti’s second annual survey, found that internal auditors are looking more seriously at technological solutions, including Computer-Assisted Audit Techniques (CAATs). These help to automate activities such as ongoing monitoring of certain internal controls and free the internal audit team to lend their expertise to their organizations in other ways. The survey was designed to gauge how internal audit professionals perceive their present capabilities, where they currently see need for improvement, and how they prioritize those needs. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, IT Audit, Risk Management & Assessment, COSO, Enterprise Risk Management, Entity-Level Control, GRC February 11, 2008 Regulatory Compliance Management - Survey of Practices in the Australian Utilities Sector This article presents the results of a survey of major utility businesses in Australia. Survey participants were asked a range of questions on a variety of topics, including: the regulatory environment, policy and procedure frameworks for managing compliance, organizational structure, oversight arrangements relating to compliance, and IT systems that support effective compliance. CONTENT AREA: Survey Reports TOPICS: Australia, Energy & Utilities Industry, Compliance, Laws & Regulations, GRC January 28, 2008 IIA Standard 1312 – External Quality Assessments: Results, Tools, Techniques and Lessons Learned The Institute of Internal Auditors Research Foundation conducted a survey entitled External Quality Assessments – Sharing Results in April 2007. This survey was designed to compile valuable information from organizations that had recently undergone the external quality assessment (QA) process. Highlights in this report include: key reasons why organizations decided to undergo an external QA; valuable tools and techniques which aided in this process; and lessons learned from those companies. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, Audit Reporting, Audit Testing, Quality Assessment Review, Performance Management/Measurement January 21, 2008 Hong Kong Risk Barometer Executive Summary
(香港风险气压计调查报告-行政人员摘要) In the first quarter of 2007 Protiviti Hong Kong Co. Limited commissioned a study to better understand the risk profiles of senior executives with the 500 largest listed companies in Hong Kong. Specifically, the objectives of the study were to (1) identify the nature of the risks undertaken by these corporations, (2) understand the appetite for risk and concerns with regard to risk of senior executives, and (3) understand the current state of these corporations’ risk management capabilities, including changes in and ownership of those capabilities.
The study results were summarized in three categories: changes in risk profile, risk management capabilities and current state of risk. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Sarbanes-Oxley Act, Risk Management & Assessment, Compliance, Enterprise Risk Management, China, GRC January 21, 2008 Mainland China Risk Barometer Executive Summary
(中国大陆风险气压计调查报告-行政人员摘要) 2007年3月，甫瀚（中国）向中国大陆500家最大上市公司的高级管理人员开展了一项调查，以更好地了解中国大陆上市公司的风险状况。这项调查的目的是：（1）确定由这些公司所承担风险的性质；（2）了解这些公司的风险承受能力以及高级管理人员对风险的关注；（3）了解这些公司目前的风险管理能力情况，包括这些风险管理能力的变化和责任担当情况。 此次调查包含了来自中国大陆前500强上市公司77名高级管理人员的回复，行业类别包括：制造业、分销和技术行业(占61%)、 金融服务和房地产业(占10%)、传媒、酒店餐饮和服务业(占4%)、消费品和零售业(占1%)、 电信业(占3%)、能源和公用事业 (占14%)、医疗保健和生命科学(占6%)。调查结果就以下三个类别分别作出了归纳，包括企业风险状况的改变，风险管理能力及企业面临的风险现状。 详细的调查报告内容请登陆甫瀚网站 www.protiviti.com进行览阅。 CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Sarbanes-Oxley Act, Risk Management & Assessment, Compliance, Enterprise Risk Management, China, GRC December 17, 2007 The Cost of Being Public in the Era of Sarbanes-Oxley - 2007 Survey In March of 2007, Foley & Lardner LLP commissioned their fifth annual study focused on what it was costing companies to be public in the Sarbanes-Oxley era. One aspect of the study involved statistical analysis of proxy statement data compiled and maintained by Standard and Poor’s Investment Services Custom Business Unit. The study analyzed audit fees and annual director fees in year-over-year comparisons. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Sarbanes-Oxley Act, Internal Controls, Project Management, Risk Management & Assessment, Section 404 - Internal Control Reporting, Compliance, GRC August 13, 2007 2007 U.S. Risk Barometer The 2007 U.S. Risk Barometer study, which surveyed 150 senior-level executives found that competitor risk is viewed as the top risk to these organizations. Competitor risk along with customer satisfaction, the regulatory environment, information systems and IT security, and changing markets make up the top five risks as determined by the study. The study also provides comparisons to the 2006 study, providing insight into developing issues and how executive management perspectives are changing. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Sarbanes-Oxley Act, Risk Management & Assessment, Compliance, Enterprise Risk Management, Financial and Credit Risk, GRC August 6, 2007 The 2007 Oversight Systems Report on Corporate Fraud Although the Sarbanes-Oxley (SOX) Act took effect five years ago, Oversight Systems’ national survey of certified fraud examiners finds that three-quarters of respondents feel institutional fraud is more prevalent today than it was in 2002. Survey participants included anti-fraud professionals such as internal auditors, independent auditors, law enforcement officials, investigators and management consultants. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Audit Committee & Board, Whistleblower/Complaint Reporting, Sarbanes-Oxley Act, Internal Controls, Ethics, Fraud, GRC July 2, 2007 Moving Internal Audit Back into Balance - A Post-Sarbanes-Oxley Survey Protiviti conducted its second annual IA rebalancing survey in the fall of 2006 to find out if there has been progress made towards rebalancing the IA function. The survey consisted of a series of questions grouped into two divisions: “Rebalance Strategy” and “Internal Audit Organization and Focus.” The key findings focus on topics such as the primary benefits of rebalancing and associated strategies to achieve this goal. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Audit Committee & Board, Audit Testing, Sarbanes-Oxley Act, Internal Controls, Section 404 - Internal Control Reporting, COSO May 14, 2007 The 2007 Oversight Systems Financial Executive Report on Sarbanes-Oxley This Oversight Systems report identifies the growing benefits of continuous monitoring and improved management of Year-Three Sarbanes-Oxley compliance costs. The fourth annual survey found financial executives bullish on the use of continuous monitoring in Sarbanes-Oxley (SOX) compliance, greater control of year-three compliance costs, a positive jump in shareholder value and a risk-based approach to 2007 compliance. CONTENT AREA: Survey Reports TOPICS: Compensation & Benefits, Sarbanes-Oxley Act, Internal Audit, Risk Management & Assessment, Cost Management, GRC March 26, 2007 Creating Value From Your Compliance Efforts - Retail Sarbanes-Oxley Optimization Survey Results The Retail Industry Sarbanes-Oxley Optimization Survey was conducted with a sample of publicly-traded retail companies to obtain industry-specific information regarding current Sarbanes-Oxley Section 404 initiatives and efforts to transform compliance initiatives from a project into a process. The results show that overall costs are decreasing, though they are often still over budget. Approximately 84 percent of respondents experienced at least a 10 percent decrease in spend for compliance efforts in Year Two, as compared to Year One. CONTENT AREA: Survey Reports TOPICS: Compliance, Cost Management, Internal Controls, Project Management, Sarbanes-Oxley Act, Section 404 - Internal Control Reporting, Consumer Products & Retail Industry, GRC March 5, 2007 Operational Risk – Anti Money Laundering (AML) Survey 2007 Operational Risk Magazine, in conjunction with Protiviti, conducted a study on money laundering from November 2006 through January 2007. The study’s aim was to assess how companies detect and tackle money laundering issues, as well as to understand money laundering’s overall status with management in the company. This report provides graphical representations of the respondents’ answers to the 20 survey questions. CONTENT AREA: Survey Reports TOPICS: Basel, Compliance, Financial Services Industry, Technology, Internal Audit, IT Controls, Risk Management & Assessment, GRC January 15, 2007 2007 Internal Audit Capabilities and Needs Survey This survey by Protiviti found that auditing IT and developing other board committee relationships, beyond the audit committee, were among the top concerns of internal audit professionals. The survey was designed to determine how internal audit professionals perceive their present capabilities, where they currently see need for improvement, and how they prioritize those needs. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Enterprise Risk Management, Internal Audit Administration, Audit Committee & Board, IT Audit, Training & Development, Entity-Level Control, GRC December 4, 2006 The 2006 Oversight Systems Executive Report on Shared Service Centers Oversight Systems, Inc. surveyed financial executives on their satisfaction with adopting the Shared Service Center (SSC) model, allowing companies to consolidate client-facing functions in an attempt to reduce costs. Survey results found that executives believe SSCs have yet to show their full potential. More than half of the respondents report that their SSCs are well short of achieving their operational goals. CONTENT AREA: Survey Reports TOPICS: Accounting/Finance, Cost Management, Outsourcing/Co-sourcing/Shared Services July 24, 2006 The 2006 Oversight Systems Financial Executive Report on Risk Management Oversight Systems, Inc. conducted a study during spring of 2006 to continue to explore the evolution of the role of financial executives regarding risk management. The results of this survey show that companies are embracing the concept of ERM but continue to struggle with its implementation. When compared to 2005, this survey demonstrates both remarkable progress and a continued ongoing need for ERM. CONTENT AREA: Survey Reports TOPICS: Enterprise Risk Management, Sarbanes-Oxley Act, Corporate Governance, Internal Controls, Risk Management & Assessment, GRC July 17, 2006 The Cost of Being Public in the Era of Sarbanes-Oxley Foley & Lardner LLP commissioned their fourth annual study of what it was costing companies to be public in the Sarbanes-Oxley era. One aspect of the study involved statistical analysis of proxy statement data compiled and maintained by Standard and Poor’s Investment Services Custom Business Unit. In addition, Foley & Lardner distributed a survey to executives of both public and private companies. The results from this survey include year-over-year comparison of corporate governance trends from 2003 through 2006. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, Audit Committee & Board, External Auditor, Internal Controls, IT Controls, Section 404 - Internal Control Reporting July 17, 2006 The Quest for Talent – Hiring Patterns, Recruitment, and Retention in Internal Auditing To gather insights about companies’ hiring plans, and recruiting and retention issues in the current environment, The Institute of Internal Auditors and Robert Half International conducted an online survey focused on demand trends, staffing and hiring, recruiting strategies, emphasis on retention, and generational differences. This report bolsters the commonly held belief that this is an opportune time to be an internal auditor and a challenging one for employers looking to hire audit staff. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Accounting/Finance, Human Resources, Internal Audit Administration July 10, 2006 Protiviti Enterprise Risk Management Special Report This Enterprise Risk Management (ERM) Survey conducted by Protiviti, in conjunction with StrategicRISK magazine, sums up what ERM means to the business community. The survey provides a snapshot of a range of organizations at different stages of ERM. This publication features articles explaining the results of the survey: Meeting the Challenge; Culture is Key; and Evaluating the Effectiveness of ERM. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Enterprise Risk Management, Risk Management & Assessment, Audit Committee & Board, Sarbanes-Oxley Act, GRC March 27, 2006 The 2006 Oversight Systems Financial Executive Report on Sarbanes-Oxley The 2006 Oversight Systems Financial Executive Report on Sarbanes-Oxley surveyed 261 financial executives and identified growing benefits of SOX compliance. The findings show an across-the-board increase in the 2005 benefits from SOX compliance as compared to those reported in 2004. The greatest increases were found in the ability to improve the accuracy of financial reports and ensured individual accountability in financial reports resulting from SOX. CONTENT AREA: Survey Reports TOPICS: Audit Committee & Board, Compliance, Corporate Governance, Internal Controls, Nonprofit Industry, Sarbanes-Oxley Act, Section 302 - Executive Certifications, Section 404 - Internal Control Reporting, GRC March 20, 2006 Operational Risk Management Takes Hold Financial institutions globally are evolving a more common view of the purpose, function, and value contribution of operational risk management, as evidenced by the third annual Global Operational Risk Survey conducted by Operational Risk magazine and Protiviti. The results presented within this document are based on more than 170 completed submissions from risk management professionals affiliated with financial services firms across the globe. CONTENT AREA: Survey Reports TOPICS: Cross Border & Non-US Issues, Financial Services Industry, Risk Management & Assessment, Basel, GRC March 6, 2006 Section 404 Internal Control Material Weakness Dashboard - Results for the First 3 Quarters of Section 404 Disclosures As of November 15, 2005, 3,524 Section 404 Internal Control Opinions had been filed by SEC registrants. To deliver a more accurate picture of the number of adverse Section 404 opinions, Audit Analytics reviewed every Accelerated Filer financial restatement issued since April 2005 to determine whether a subsequent restatement of their 404 opinion has been filed or still needs to be filed. This publication details the primary drivers of adverse Section 404 opinions. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, Financial Reporting, Section 302 - Executive Certifications, Section 404 - Internal Control Reporting February 20, 2006 U.S. Risk Barometer In September 2005, Protiviti commissioned a study to better understand the risk profiles of senior executives with the 1,000 largest companies in the United States. The study was conducted by an independent research firm through a survey of 76 senior executives at Fortune 1000 companies who both report to the board and have a strategic role with respect to identifying and managing risk. The results are summarized in three categories - changes in risk profile, risk management capabilities and current state of risk. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Enterprise Risk Management, Risk Management & Assessment, Audit Committee & Board, Sarbanes-Oxley Act, Financial and Credit Risk, GRC January 23, 2006 The Global 50 – Perspectives of Leading Audit Committee Chairs Recognizing the growing importance of audit committees, Spencer Stuart invited 50 global companies to participate in a discussion of the major challenges and issues being faced by audit committees. This publication explores key issues and best practices identified by this experienced group of audit committee chairs. CONTENT AREA: Survey Reports TOPICS: Audit Committee & Board, Best Practices, Corporate Governance, Internal Audit, Sarbanes-Oxley Act, GRC January 9, 2006 Procurement Contract Risk Management In partnership with APICS, the Association for Operations Management, Protiviti recently conducted a focused and extensive study of procurement contracting and related contract management practices and risks. Among the many key findings, the results of the survey indicate that a large proportion of organizations need to improve the management of their procurement contract risks and opportunities. CONTENT AREA: Survey Reports TOPICS: Outsourcing/Co-sourcing/Shared Services, Risk Management & Assessment, Supply Chain, GRC January 9, 2006 UK Risk Management Barometer Everyone talks about risks. Everyone fears them. Some embrace them – you have to take risks to progress − and everyone thinks they know how to mitigate them. But are we all talking about the same risks, in the same language and defined in the same way? The UK Risk Management Barometer 2005 surveys the Chief Financial Officers (CFOs) and Financial Directors of listed and non-listed companies across all of the major industry sectors within the UK, to answer these questions. CONTENT AREA: Survey Reports TOPICS: Cross Border & Non-US Issues, Risk Management & Assessment, Basel, United Kingdom, Financial and Credit Risk, GRC December 5, 2005 Learning from Fraudsters Numerous surveys in recent years have focused on fraud committee by senior management. Whilst these surveys have highlighted the extent and depth of the problem globally they have only looked at the issue from the perspective of the company or employer. The objective of this research report was to take a totally different approach and to obtain an understanding of corporate fraud from the people who are responsible for these criminal acts and to try and understand why and how they became fraudsters. The research was conducted directly with prisoners who share their situation, motivation, and story. (Note: The report contains language some people may find objectionable.) CONTENT AREA: Survey Reports TOPICS: Internal Audit, Ethics, Fraud, Laws & Regulations, Accounting/Finance, Audit Testing, Segregation of Duties December 5, 2005 The 2005 Oversight Systems Report on Corporate Fraud The 2005 Oversight Systems Report on Corporate Fraud surveyed certified fraud examiners to report the trends, risks and major concerns that businesses face today. While most fraud examiners surveyed view Sarbanes-Oxley (SOX) as an effective tool in fraud identification, few think it will change the culture of business leaders. Nearly two-thirds of respondents indicate that SOX has been somewhat or very effective in identifying incidences of financial-statement fraud. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Sarbanes-Oxley Act, Fraud, Ethics, Section 404 - Internal Control Reporting, GRC November 28, 2005 2005 Trends in the Corporate Governance Practices of the 100 Largest US Public Companies The 2005 proxy season is the second season during which most of the Top 100 companies were required to comply with the revised NYSE and Nasdaq listing standards and various provisions of the Sarbanes-Oxley Act of 2002. Certain trends have developed over the last three years as companies have implemented the listing standards and SEC rules adopted during that period. This publication presents the results of Shearman & Sterling LLP’s third annual survey of corporate governance practices of the 100 largest US companies. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Sarbanes-Oxley Act, Financial Reporting, Ethics, Audit Committee & Board, Internal Controls, GRC November 21, 2005 Outsourcing - A Risk Management Perspective In an effort to understand the risks associated with outsourcing and to gauge management’s response and perceptions of these risks, Protiviti and APICS performed a survey targeting executive, operations management, supply chain management and procurement communities. This report summarizes findings about the drivers of outsourcing, the decision-making process, and outsourcing risks. CONTENT AREA: Survey Reports TOPICS: Outsourcing/Co-sourcing/Shared Services, Risk Management & Assessment, Cross Border & Non-US Issues, GRC November 7, 2005 Moving Internal Audit Back into Balance – A Post-SOX Survey This survey by Protiviti found that three out of four companies are taking steps to better balance SOX compliance with broader risk management activities and priorities. This survey was designed to assess how companies are approaching the process of “rebalancing” internal audit functions after first-year SOX compliance projects. The report discusses the past and future roles of internal audit departments in regulatory compliance efforts. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Sarbanes-Oxley Act, Audit Committee & Board, Audit Reporting, Internal Audit Administration, IT Audit October 31, 2005 Sarbanes-Oxley and the Boardroom In early 2005, CFO Research Services launched a research program to explore the relationship between companies’ boards of directors, audit committees, and the senior finance team. In this survey, CFO Research Services explored topics such as how companies have altered the membership and roles of their boards or directors and how the senior finance team interacts with the newly empowered board. This publication highlights the survey findings. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Sarbanes-Oxley Act, Audit Committee & Board, Internal Controls, Reporting/Disclosure, Section 404 - Internal Control Reporting, GRC October 17, 2005 Business Continuity Planning: Don't Be Caught Off Guard According to a recent business continuity planning survey 28 percent of the organizations surveyed do not have a business continuity plan in place to help them recover from natural disasters, systems failures, or terrorism. The same percent of the businesses surveyed admitted they have already experienced a complete shutdown of key business operations as a result of a disaster in the past CONTENT AREA: Survey Reports TOPICS: Business Continuity Management, Internal Audit October 10, 2005 The 2005 Oversight Systems Financial Executive Report on Sarbanes-Oxley Oversight Systems, Inc. conducted a study at two major industry events held in March 2005. Over half of the financial executives surveyed believe the biggest issue related to SOX is the need to maintain the morale of employees. Reducing internal and external costs ranked as the second most frequently cited challenge to ongoing compliance. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Sarbanes-Oxley Act, COSO, Audit Committee & Board, External Auditor, Internal Controls, GRC September 12, 2005 The 2005 Oversight Systems Financial Executive Report on Risk Management Oversight Systems, Inc. conducted a study at the FEI Summit 2005, a Financial Executive International conference held in May 2005, to explore the evolution of the role of financial executives regarding risk management. The results of this survey provide a report card on risk management today reinforcing the perception that America faces a gap between the perception of risk management and the reality of an effective risk management program. The survey focused on topics such as mounting pressures, uncertain execution, and the role of technology in risk management. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, Compliance, Risk Management & Assessment, Enterprise Risk Management, GRC August 29, 2005 ACFE 2004 Report to the Nation on Occupational Fraud and Abuse The 2004 Report to the Nation on Occupational Fraud and Abuse is the third such report from the Association of Certified Fraud Examiners (ACFE). This report is based on 508 occupational fraud cases that caused over $761 million in losses. This report focuses on six areas: the cost of occupational fraud and abuse, the methods for committing these crimes, detection of occupational fraud, the victims, the perpetrators, and the legal outcomes of fraud cases. CONTENT AREA: Survey Reports TOPICS: Ethics, Fraud, Internal Controls, Whistleblower/Complaint Reporting, Audit Committee & Board August 1, 2005 The Cost of Being Public in the Era of Sarbanes-Oxley Foley & Lardner LLP commissioned a study of what it was costing companies to be public in the Sarbanes-Oxley era. One aspect of the study involved statistical analysis of proxy statement data compiled and maintained by Standard and Poor’s Investment Services Custom Business Unit. In addition, Foley & Lardner distributed a survey to executives of both public and private companies. The results from this survey include year-over-year comparison of corporate governance trends in 2003, 2004 and 2005. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, Cost Management, Compliance, External Auditor, Financial Reporting, Internal Controls, GRC July 25, 2005 Sarbanes-Oxley Compliance Survey Of Internal Audit Executives Uncovers Problems In Year Two Plans And Processes ACL Services Ltd. and the Center for Continuous Auditing commissioned a survey of corporate senior audit professionals regarding challenges in sustaining compliance with Section 404. This survey focused on topics including time and cost to complete internal control testing, plans to automate the controls testing process, and issues preventing organizations from adopting a continuous controls monitoring approach. Also included is a press release with additional commentary of the survey results. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, Compliance, IT Controls, Internal Controls, Section 404 - Internal Control Reporting, Project Management, GRC April 18, 2005 Integrated Compliance Efforts: Business Benefits Beyond Regulatory Mandates Protiviti and Operational Risk magazine developed this survey to assess the current state of business compliance programs and initiatives commenced or planned to meet new compliance requirements. The survey focused on financial services institutions and included questions on compliance requirements for corporate governance, Basel II, business continuity and financial crime (including anti-money laundering). Respondents from financial services organizations representing regions across the globe participated in this study. CONTENT AREA: Survey Reports TOPICS: Accounting/Finance, Basel, Business Continuity Management, Compliance, Corporate Governance, Financial Services Industry, Fraud, Sarbanes-Oxley Act, Financial and Credit Risk, GRC April 11, 2005 The Convergence of Compliance and Performance Management – Extending the Impact of Finance Across the Enterprise In October 2004, CFO Research Services explored how companies are combining compliance information and business metrics to support a better decision-making process. This study discusses an increased need for performance management software. Additionally, senior finance executives reveal key factors for successful performance management. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Sarbanes-Oxley Act, Technology, Enterprise Risk Management, Compliance, Internal Controls, Accounting/Finance, IT Strategy, GRC April 4, 2005 The Impact of Sarbanes-Oxley on Private & Nonprofit Companies This second annual study conducted by Foley & Lardner LLP, reveals that the Sarbanes-Oxley Act and related public company governance reforms continue to permeate the private sector, despite the view of Congress that its reforms were only intended to apply to public companies. The 2005 study measured the continued impact of public company governance reforms on private organizations and found self-imposed reforms continue to affect both for-profit and nonprofit groups. Of the organizations participating in the study, 97 percent of nonprofit groups and 80 percent of for-profit private companies reported an impact on their organizations. CONTENT AREA: Survey Reports TOPICS: Audit Committee & Board, Corporate Governance, Internal Controls, Nonprofit Industry, Sarbanes-Oxley Act, GRC January 10, 2005 Integrated compliance efforts: business benefits beyond regulatory mandates Financial institutions across the globe are faced with a multitude of compliance requirements. These include regulations such as Basel II, changes in international accounting regulation (IAS 39), and the Sarbanes-Oxley Act. This article discusses how financial institutions have increased their investment in compliance, how an integrated compliance framework would benefit such institutions, and the benefits financial institutions can seek from compliance initiatives. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Compliance, Financial Services Industry, Enterprise Risk Management, Basel, GRC November 8, 2004 SEC Material Weakness Reports: Reported Control Problems Starting in late 2004 companies began reporting their internal control weaknesses to the SEC. These proactive moves anticipate the autumn 2004 deadline under PCAOB Standard No. 2 for accelerated filers to present a written assessment of the effectiveness of the company’s internal controls over financial reporting and to have an external audit firm provide an opinion on management’s assessment. ComplianceWeek has been tracking these filings and the reported internal control weakness disclosures. Armed with this knowledge, companies can plan their remediation efforts before the conclusion of their annual audits to avoid any last-minute surprises and disclosures. CONTENT AREA: Survey Reports TOPICS: Sarbanes-Oxley Act, Internal Audit, Compliance, Internal Controls, Reporting/Disclosure, Section 302 - Executive Certifications, Section 404 - Internal Control Reporting, External Auditor, Self-Assessment, IT Controls, PCAOB, GRC November 1, 2004 ASX Principle 7 Risk Management Survey Regulators in Australia have responded quickly to the outcry following many high profile company collapses. Extensive debate then ensued concerning the relative merits of the ASX’s “principles” based approach to control and risk management, versus the “detailed checklist” and verification approach driven by the Sarbanes-Oxley Act in the U.S. Protiviti and the Institute of Internal Auditors commissioned a major research project to provide some insight to the progress and substance of work being done to implement the ASX Principle 7 risk management guidelines. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Laws & Regulations, Sarbanes-Oxley Act, Corporate Governance, Enterprise Risk Management, Internal Controls, Australia, GRC October 4, 2004 Managing the Risks of Outsourcing: A Survey of Current Practices and their Effectiveness Outsourcing generally, and offshore outsourcing in particular, continues to be a key part of many companies’ supply and cost management strategy. The strategy has proven to be effective but brings with it significant risks that must be recognized and managed. The, by APICS and Protiviti cosponsored the Outsourcing Risk Management Survey. The purpose of the survey was twofold. First, to examine the risks involved in outsourcing and second, to evaluate the effectiveness of outsourcing risk management practices. This article examines and analyzes the responses to the survey. CONTENT AREA: Survey Reports TOPICS: Outsourcing/Co-sourcing/Shared Services, Risk Management & Assessment, GRC June 21, 2004 Understanding Supply Chain Risk Areas, Solutions, And Plans Organizations of all sizes have recognized the need to put strategies and capabilities in place to identify, prioritize, and manage risks and opportunities across their entire supply chains and within and across their internal supply chain processes. The purpose of this paper is to interpret and discuss the results of the recent supply chain risk survey carried out by APICS and Protiviti. The document is intended to help business leaders to better evaluate and managing supply chain risks and opportunities. CONTENT AREA: Survey Reports TOPICS: Risk Management & Assessment, Supply Chain, GRC April 19, 2004 The Sarbanes-Oxley Act of 2002: Effect on Audit Committee Meetings No event in recent years has had more effect on audit committee charters, practices, and schedules than the passage of the U.S. Sarbanes-Oxley Act of 2002. In January 2004, The Institute of Internal Auditors conducted a survey to evaluate recent changes to audit committee practices. The survey drew 157 responses, including 88 responses from publicly traded organizations and 67 responses from nonpublic organizations. This report highlights recent changes in audit committee practices at publicly traded companies and makes specific suggestions for audit executives working in support of the audit committee. CONTENT AREA: Survey Reports TOPICS: Best Practices, Corporate Governance, Internal Audit, Sarbanes-Oxley Act, Audit Committee & Board, Internal Audit Administration, GRC September 22, 2003 Insights on Today’s Sarbanes-Oxley and Corporate Governance Challenges Protiviti recently completed a comprehensive survey of 300 chief financial officers with public companies nationwide. The results, detailed in a report titled, Insights on Today’s Sarbanes-Oxley and Corporate Governance Challenges, reveal the policies, opinions and concerns of publicly traded companies, and assess the degree to which Sarbanes-Oxley and other regulatory requirements are driving change in corporate governance practices. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Sarbanes-Oxley Act, Audit Committee & Board, Financial Reporting, GRC September 15, 2003 Internal Audit and the Hospitality Industry: A Benchmark Study With vacation and business travel still affected by the Sept. 11, 2001 terrorist attacks and slow economic recovery, firms in the hospitality industry need to get the most from the dollars they spend. Internal audit is one area where hospitality firms may wonder how their spending stacks up against the competition. This paper aims to help answer that question. The information comes from a survey of 30 hospitality firms (14 responded) on behalf of the American Hotel and Lodging Association's internal audit subcommittee, which asked Protiviti to do a benchmark study of internal audit functions and corporate governance within the hospitality industry. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Hospitality/Gaming Industry July 21, 2003 The expanding uses and emerging strategies of internal audit software Recent surveys reveal that auditors are using software tools to facilitate audits associated with enterprise risk management. Another emerging trend is the use of software to facilitate Sarbanes-Oxley compliance. In this article, four internal audit professionals discuss the ways in which they used audit software over the past year. Their responses are as varied as their geographies, industries and audit function size. CONTENT AREA: Survey Reports TOPICS: Technology, Internal Audit, Internal Audit Administration, IT Strategy, Software, IT Audit October 14, 2002 Protiviti Corporate Governance Research Study The Securities and Exchange Commission, Congress and the major U.S. stock exchanges have either issued new rules or are considering significant changes to corporate governance standards. Protiviti recently conducted informal surveys and interviews with numerous chief executive officers, chief financial officers, chief audit executives and audit committee members to determine the effects these changes are having on their companies. This special report on the study includes a review of the responses received and analysis and commentary on the trends identified. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Internal Audit, Sarbanes-Oxley Act, Audit Committee & Board, GRC
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