NEW THIS WEEK

February 13, 2012      

KNOWLEDGELEADER WEBINAR

Complimentary KnowledgeLeader Webinar: "Soft Controls" - Diagnosing an Organization’s Culture – February 23, 2012 - 10 A.M. Pacific

During this webcast, Ann Butera, a popular KnowledgeLeader contributor, will describe the importance of "soft controls" in an organization’s internal control environment. She will discuss using organizational assessments as a pre-audit tool to obtain insights regarding the effectiveness of the control environment and steps needed to strengthen it. She will also explain tactics for performing successful assessments. The KnowledgeLeader Team will also demonstrate how to find related content on the site. Click here for more information.

PUBLICATIONS

Taylor & Francis Article and Related Poll

Performing the IT General Controls Audit

The IT general controls assessment performed by internal audit is the best way to obtain an objective and comprehensive analysis of the controls in place to manage technology risks and the overall risks to the enterprise related to its use and management of technology. The example audit program referenced in this article provides a starting point for planning, designing and performing the audit customized to your organization.

Poll: IT General Controls Assessments

How often does your organization perform an IT general controls assessment?

Regulatory Update

California Law Requires Companies to Disclose Efforts to Ensure Supply Chains Are Free of Slavery and Human Trafficking - Protiviti Flash Report

The California Transparency in Supply Chains Act ("Act") became effective on January 1, 2012. The objective of this social policy-driven legislation is to eliminate slavery and human trafficking from product supply chains of companies operating in California. Its focus is on increasing transparency by requiring companies to disclose their efforts to ensure their supply chains are free of these illegal activities. This Flash Report discusses the requirements of the law and offers suggestions on what companies subject to the Act should be doing.

Newsletter

Is Your Compliance Management Making a Difference?

Compliance management consists of the organization’s policies and processes for adhering to applicable laws and regulations. It requires metrics, measures and monitoring that provide assurance to management and the board that established policies and procedures for fostering compliance and responsible business behavior are performing as intended. This issue of The Bulletin focuses on the issues around compliance, its current state, true cost and value proposition, as well as its organizational structure and offers suggestions on ways it can be improved.

Questions & Answers

A Scalable Information Technology (IT) Environment - 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 a scalable information technology environment. Topics covered include: What are the largest and most common IT-related risks that pre-public companies must address? What other IT policy and process-related evaluations and activities should pre-public companies undertake? And, what types of IT management reports do pre-public companies typically implement as part of the readiness effort?

TOOLS

Policy

Bank – Cash Accounts Reconciliation Policy

This policy provides standard procedures to reconcile cash accounts at a bank.

Updated Questionnaire

Internal Audit Qualitative Diagnostic Questionnaire

This questionnaire helps to evaluate an internal audit department against leading practices during the quality assurance review (QAR) process.

FEATURED LINKS

Who’s Out There?

CFOs can’t ignore social media. But what’s the ROI? Source: CFO.com

Enterprise Risk Management – Understanding and Communicating Risk Appetite

Organizations encounter risk every day as they pursue their objectives. Risk appetite — the amount of risk organizations are willing to accept in pursuit of their objectives — is an integral part of an effective ERM system. This paper from COSO aims to help organizations develop, better articulate, and implement "risk appetite." Source: COSO.org

FEATURED EVENTS

Dodd-Frank Act Impact on Technology - Protiviti Sponsored Webinar

Financial institutions of all sizes are devoting significant time and resources to understanding, planning and implementing the Dodd-Frank Act (DFA). This February 29th webcast will provide insight on how to avoid pitfalls and gain a better understanding of the impacts of DFA on technology as well as practical insights from an industry technology leader. Register now, or click on the above link for more information.

IT Audit Benchmarking Survey - Protiviti Sponsored Webinar

This February 23rd webinar will present the results of a survey conducted of nearly 500 practice professionals to gain insight into the current state of IT Audit. Featured items include the areas where the profession is doing a good job, and those areas where the profession needs to improve to be compliant with the both The IIA Standards, and management’s expectation of reasonable assurance. Register now, or click on the link above for more info.

CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES

Weekly Summary of Accounting, SEC, and Auditing Developments

• International Accounting -- New IFRS Checklist Published
• Derivatives and Hedging -- Publication Updated
• Financial Instruments -- New Edition of Publication Issued
• Revenue Recognition -- Updated Interpretation Published
• Classification and Measurement -- FASB and IASB Discuss Classification and Measurement of Financial Instruments and Other Matters
• Risk Alert -- AICPA Issues Financial Institutions Audit Risk Alert
• IFRS for SMEs -- IASB Issues IFRS for SMEs Update
• Governmental GAAP -- New Edition of Governmental GAAP Guide Published