NEW THIS WEEK

January 3, 2012      

FEATURED PUBLICATION

Performance/Risk Integration Management Model: PRIM2 - Maximizing the Value of Competitive Intelligence

When it comes to performance management and risk management, a fundamental question we ask is, "How do companies know what they need to know before it is common knowledge?" The answer lies in maximizing value from a well-defined and focused function within their organization that is charged with the responsibility to monitor what really matters – the competitive intelligence function. In this paper, we continue to focus on the governance layer of our PRIM2 framework by exploring the impact that insightful intelligence about market changes can have on an organization’s competitiveness.

PUBLICATIONS

Benchmarking Participation Request!

Protiviti’s 3rd Annual Sarbanes-Oxley Compliance Survey

You are invited to take this survey, which focuses the current state of Sarbanes-Oxley compliance for all types of organizations, the related costs and how to achieve a desired state of verifiable compliance, value-add and sustainability. The survey will take approximately 15 minutes to complete. No login ID or password is required to access the survey.

Performer Profile Poll

Poll: Internal Audit Performance Measures

This poll question asks: "Please indicate which of these measures you consider of primary importance for your internal audit organization."

Hot Issue

The Need for Leadership in Audit

In today's competitive business climate, in which pressure to hit the numbers drives organizational behavior and priorities, auditors at every level need to display leadership skills within their organization, not just within the audit department, if they are to produce valued results and bring about the desired change within their organization's internal control system and environment.

Compliance Week Article

Beware Compliance Pitfalls When Recruiting on Social Media Sites

More companies are using social media sites like LinkedIn to search for potential job candidates. While there's nothing inherently problematic about the strategy, companies need to be careful, since these sites often provide sensitive personal information. "Employers should be careful not to make decisions based on some information obtained via social media," says Susan Gross Sholinsky of law firm Epstein Becker Green.

Auerbach Article

Patterns and Antipatterns

Antipatterns describe dysfunctional approaches to problem solving, followed by the changes that should be made to overcome this dysfunction. Once in these predicaments, how do we get out and stay out? This is the rationale for antipatterns.

Regulatory Update

COSO Issues Exposure Draft for Updated Internal Control – Integrated Framework – Protiviti Flash Report

COSO issued an exposure draft of the updated Internal Control – Integrated Framework with a comment period extending to March 31, 2012. The exposure draft provides opportunity for the public to comment so that additional input can be captured for consideration when finalizing the guidance in 2012. This Flash Report summarizes the major changes in the framework.

TOOLS

Questions & Answers

Accurate Financial Reporting - 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 accurate financial reporting. Topics covered include: What are the key financial reporting risks that management should address? How can companies ensure their revenue recognition process and other technical accounting and reporting areas are consistent and reliable? And, what additional public company financial reporting requirements must be addressed during the PCR process?

Updated Policy

Emergency Policies and Procedures Manual

This is a sample of emergency policies and procedures for a business office. It includes procedures for safety teams, fire prevention/drills, disabled assistance, earthquakes, power outages, workplace violence and bomb threats.

Updated Questionnaire

Risk Oversight and Risk Management Questionnaire

Risk oversight and risk management are a high priority on the agenda of most organizations. The purpose of this questionnaire is to help boards and management think about how they can develop a deeper knowledge of the risk oversight and risk management processes, understanding both the current state and desired future state.

FEATURED LINKS

Rumble in the Cloud: 5 Cloud Storage Services Compared

While CIOs and CTOs still debate about what role the cloud will have in business, personal cloud services have been slowly easing their way into almost everyone's computing plans. Source: CIO.com

Five Things Not to Say During an Internal Audit Entrance Conference

In his blog, IIA President Richard Chambers shares some interesting insights about kickoff meetings. Source: theIIA.org

FEATURED KLplus COURSE

Introduction to Loss Prevention

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 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.

CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES

Weekly Summary of Accounting, SEC, and Auditing Developments

• Property, Plant, and Equipment -- ASU 2011-10 Issued
• New Accounting Standards -- Checklist Updated
• Leases -- FASB and IASB Discuss Leases and Other Matters
• IFRS -- Guidance on Reporting under IFRS Published
• EITF Matters -- November 3, 2011 Meeting Minutes Published
• IFRS for SMEs -- Additional Training Manual Modules Published
• International Audits -- New Edition of Knowledge-Based Audits Published
• Engagement Letters -- New Edition of CPA's Guide to Effective Engagement Letters Published