Board Effectiveness: The Fed’s Guidance Speaks to Resiliency
In this issue of Board Perspectives
, we discuss the significance of the Federal Reserve Board’s recently released guidance for certain financial institutions.
Process Alignment Risk Key Performance Indicators (KPIs)
This tool includes key performance indicators and questions an organization should use to organize and perform process alignment.
Vice President, Internal Audit/Chief Audit Executive Job Description
This sample job description summarizes the responsibilities, key selection criteria and general information for the role of the vice president of internal audit.
Director of IT Job Description
This job description sample outlines the responsibilities, key selection criteria and general information for the role of the director of IT.
Privacy Audit Work Program
This sample work program highlights risks to consider and general steps to take when facilitating a privacy audit.
Security Audit Work Program
Organizations can use this audit work program sample to assess the effectiveness of risk management processes and the risk levels related to their security measures.
System Pre-Implementation Audit Work Program: Sample 2
This audit program sample provides best-practice general steps for a pre-implementation review audit, including key objectives/control questions and their results.
HOT ISSUE ARTICLES
Counting on Cycle Counts? A Re-Think May Be in Order
To ensure the reliability of cycle counts and stave off the necessity for a full wall-to-wall inventory count at year-end, organizations need to revisit the design and approach of their programs.
Hard Times Bring Out the Best in People — Well, Not Always
Protiviti Senior Managing Director Carol Beaumier explains how lenders can proactively identify potential fraud in their PPP portfolios, especially as the loans move through the forgiveness stage.
High Stakes: Evolving Trade Rules Require Solid Third-Party Risk Management
Protiviti's Bernie Donachie and Kyle Appell offer third-party risk management advice to organizations selecting offshore suppliers and vendors.
PREMIUM TOOL OF THE WEEK
Purchase Materials and Supplies: Monitor Contract Spend RCM
This document outlines risks and controls common to monitoring contract spend during the “purchase materials and supplies” process in a risk control matrix (RCM) format.
AICPA Releases New Certificate on Data Analytics Core Concepts
The AICPA’s new data analytics certificate can help CPAs and financial professionals better understand how to use and implement data analytics. Source: aicpa.org
Single Audit: Pandemic Aid and Major Program Determinations
As pandemic relief adds to funding that needs to be considered in a single audit, it’s important to remember that the rules in the Uniform Guidance still prevail. Source: journalofaccountancy.com
SBA Unveils Initial Restaurant Revitalization Fund Results
The Restaurant Revitalization Fund received more than 186,000 applications from restaurants and other eligible businesses the first two days after its application window opened May 3. Source: journalofaccountancy.com
KLplus CPE COURSE SPOTLIGHT
Data Literacy for Business Professionals
As industries, enterprises and jobs become more data-intensive, data literacy is critical to effectively “talk data” with business colleagues and data and analytics professionals who support you in your work. This course covers fundamental concepts in data management, data quality, data privacy and protection, and data governance. The completed course is worth 0.5 CPE credits and by the end of the course, the learner will be able to:
Executive Certification: Understanding Sections 302 and 906 of the Sarbanes-Oxley Act of 2002
- Discover the subject areas that will be covered in this course
- Distinguish between structured and unstructured data
- Sequence the stages of the data life cycle
- Identify the key attributes of data quality
- Recognize best practices for effectively protecting data
- Recognize key attributes of effective data governance
- Knowledge Check: Gaining Data Literacy
This is a basic-level course that provides an overview of Sections 302 and 906 and describes disclosure controls procedures. It also explains the difference between disclosure controls and internal controls. This course will help you explain to clients the specific steps company officers should take immediately and over the long term, as well as what they must do before they certify. The completed course is worth 1 CPE credit and by the end of the course, the learner will be able to:
FEATURED TRENDING TOPIC
- Identify what executives are certifying under Section 302
- Differentiate disclosure controls and procedures from internal controls
- Identify specific steps company officers should take
- Distinguish Section 302 requirements from those of other sections of the Sarbanes-Oxley Act
- Identify key requirements of Section 302
IT risk was a big trending search topic over the past week. We've published over 200 tools and publications related to IT risk on KnowledgeLeader, so dive in and explore all of the resources available to you!
TOP 5 PAGES ON KNOWLEDGELEADER
These were the most popular items on KnowledgeLeader last week:
CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES
Weekly Summary of Accounting, SEC, and Auditing Developments
- Internal Audit and Risk Management: The Basics
- Guide to Implementing a Self-Assessment Program
- Senior Internal Auditor Job Description
- Opportunity Cost Risk Key Performance Indicators (KPIs)
- Accounts Payable RCM
- Cryptocurrencies – New Edition of GAAP Update Service Looks at Cryptocurrencies
- Single Audit Guide – 2020 Edition of Knowledge-Based Single Audits Published
- Governmental Entities – 2021 Edition of Knowledge-Based Audits of Governmental Entities Published
- Direct Examination Engagements – New Edition of GAAS Update Service Discusses SSAE 21
- Insurance Entities – AICPA’s FinREC Issues Additional Working Drafts for Insurance Entities
- GASB Technical Agenda – New Edition of Governmental GAAP Update Service Discusses GASB’s Second Technical Agenda for 2021