Internal Quality Program Poll
This week’s poll question asks: "Does your internal audit department have a defined internal quality program in place?"

Previous Poll Results
Benchmarking Process Poll
See the results from last week's poll, "Has your internal audit group benefited from the benchmarking process associated with an external QA?"

Taylor & Francis Article
Current Trends in Fraud and its Detection
This article discusses the basic nature of fraud, including the major accounting scandals of the last decade, and the role of auditors. The article also examines recent standards, rules, and acts, and discusses whether they will have an impact to deter financial statement frauds from occurring in the future.

Article
Environmental Sustainability - The Head of Internal Audit’s Responsibility
Environmental sustainability is an increasingly important issue for organisations and a growing area of both risk and opportunity. The independent assurance that internal audit (IA) provides can add value to an organisation’s efforts to manage environmental risks and seize the opportunities. However, this is not an area in which IA has traditionally operated. This white paper makes the case for IA involvement in environmental sustainability and suggests some of the actions that heads of IA might consider as a way of developing an IA role in this area.

Sample
Contract Management Process Flow
This sample process flow focuses on the contract management process. It outlines steps such as: contract review and approval; updating contract database; and review by requesting party.

Questionnaire
Data Center General Controls Questionnaire: Vendor Support
This is the ninth section of a thirteen part mainframe data center general controls questionnaire. This section covers systems vendor support.

Announcement
Hot Issue Article Translated into Chinese
KnowledgeLeader is pleased to announce that a recent hot issue article has been published on KnowledgeLeader in Chinese. The content can be located by clicking on "Topics" --> "China."

Professor Resource
Internal Audit (Sample Syllabus)
This course covers internal audit from a broad perspective that includes information technology, business processes, and accounting systems.

KnowledgeLeader News
Top Financial Reporting and Audit Concerns for Preparers At Private and Public Companies
Financial Executive Institute (FEI) Executive Editor Ellen M. Heffes asked FEI member preparers at two private companies, two large multinationals and one mid-size public company to address the following question: What do you view as your top three challenges over the next 3-5 years related to financial reporting and auditing? Read the responses to this question. Source: Financial Executive

Featured External Links
Global Audit Oversight: A Matter of Trust
The PCAOB wrestles with the notion of outsourcing inspections to foreign counterparts. Source: CFO.com

Companies Cozying Up to IFRS
Deloitte claims interest is growing, with 30 percent of finance executives considering its adoption, up from 20 percent just six months ago. Source: CFO.com

SEC Begins Study of Disclosure Overhaul
Commission, under fire and threatened with having a smaller enforcement role, aims for major change in reporting approach. Source: CFO.com

Featured CPE Course
FASB Update
This course is offered at a discount through KnowledgeLeader’s partnership with MicroMash. The completed course is worth 8 CPE credits and is designed to help you:

• explain FASB Statements 149 through 159 (including SFAS 123 Revised) and
• discuss FASB Interpretations 46 through 48.

To view the full list of CPE courses, please visit KnowledgeLeader’s Standards & Trainings Page and follow the MicroMash Online CPE Courses link.

Did You Know?
KnowledgeLeader News
KnowledgeLeader brings you constantly updated news from nearly 3,000 content sources. Industry News is a searchable archive of premium business and industry news. Select from the top business stories of the day, or choose from 20 different industries and topics. All news stories and articles remain available for 30 days.

CCH Tax and Accounting - Accounting Research Manager Updates
Weekly Summary of Accounting, SEC, and Auditing Developments

• Internal Controls -- SEC Publishes Final Rule Deferring Attestation Report Requirement for Non-Accelerated Filers
• Oil and Gas Companies -- SEC Publishes Proposal to Modernize Oil and Gas Disclosure and Reporting Requirements
• Newsletter Published -- SEC's Proposal to Require Companies to Provide Interactive Data Using XRBL Technology Discussed
• EITF Matters -- FASB Ratifies June 12, 2008 EITF Decisions
• Definition of a Security -- SEC Publishes Proposal Defining Annuity Contracts and Option Annuity Contracts As Securities
• Financial Statement Disclosures -- 2008-2009 Edition of GAAP Financial Statement Disclosures Manual Published
• Financial Statement Presentation -- FASB Discusses Financial Statement Presentation Project and Other Matters
• IASB Update -- IASB Discusses Non-Current Assets Held for Sale and Discontinued Operations at June 16-20, 2008 Meeting
• State and Local Governments -- AICPA Issues Audit Risk Alert on State and Local Governmental Developments
• Audit Documentation -- Proposed AICPA Auditing Standard Discussed
• Financial Statements -- Research on the Use of GAAP by State and Local Governments Discussed
• GASB Report Issued -- Service Efforts and Accomplishments Reporting and Other Matters Discussed

From the Archive
Segregation of Duties Questionnaire - Purchasing and AP
A fundamental element of internal control is the segregation of certain key duties. This helps ensure that no-one is in a position both to perpetrate and to conceal errors or fraud in the normal course of their duties. This questionnaire can be used to determine the adequacy of segregation of duties in the purchasing and accounts payable process.

Top 5 Pages on KnowledgeLeader
The following links will take you to the five most popular pages from the week of June 16, 2008.

1. Spreadsheet Risk Management - Frequently Asked Questions
   
2. Corporate Governance: Relationship with Internal Auditors
   
3. Segregation of Duties Matrix
   
4. Sadia: Developing and maintaining a healthy internal audit function
   
5. Audit Planning and Scoping Checklist
   

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