Hot Issue and Related Poll
For many companies significant changes in their accounting practices are appearing on the horizon, given impetus by proposals from the SEC. That agency is calling for a migration from U.S. GAAP to IFRS. Such a convergence seems inevitable, and smart companies will want to prepare sooner, rather than later. In part one of this two part series, Protiviti’s Steve Hobbs, shares his insights on what topics executives should address for a smooth transition to IFRS in a series of questions and answers.
This week’s poll question asks: "Has internal audit addressed with management the role it will take during the IFRS transition?"
Previous Poll Results
See the results from last week's poll, "Has employee attrition, lower morale, or loss of focus on day-to-day responsibilities weakened the control environment in your organization?"
Bulletin
It is fashionable today to talk about the role of risk management in the global financial crisis. Indeed, risk management had a role – a very important one. As we look back and closely examine what has transpired, we often hear the same questions expressed with a noticeable point of inflection in the voice pitch: What were they thinking? What did they know? How did they let this happen? This issue of The Bulletin explores 10 common risk management mistakes and how they can be avoided.
Compliance Week Article
Fraud risks, especially in emerging markets, are a headache for every CCO. Compliance Week and the law firm of White & Case recently gathered a dozen CCOs to discuss their strategies to fight fraud. The bottom line is: expect lots of travel, training and enforcement.
Auerbach Article
Symantec has taken a look back at the top security trends of 2008, and has used that information to predict what the top threats are for 2009. Security threats for 2009 are related to advanced web threats, the economic crisis and social networks.
Policy
This document outlines a set of policies and procedures to retain records as appropriate to meet legal and regulatory requirements and business needs.
Process Flow
This process flow focuses on the order entry, billing, and shipping process. It outlines steps such as: purchase order preparation and approval; invoice review and approval; and recognizing revenue upon product shipment.
Professor Resource
The objective of this course is to develop the communication skills necessary for masters of accounting students to succeed in the accounting profession. The course will focus on written and verbal communication as well as presentation skills with specific application to financial information and the accounting profession. Interpersonal skills, such as delivering feedback, diversity management, leadership, and interviewing will also be covered.
Announcement
KnowledgeLeader is pleased to announce that a recent flash report has been published on KnowledgeLeader in Chinese: SEC Proposes Roadmap for Potential Required Use of IFRS in 2014, with Use Permitted in 2009 for Eligible Filers. The content can be located by clicking on "Topics" --> "China."
KnowledgeLeader News
Risk management should not be seen simply as a "cost of business" -- as it too often is -- but instead as a way of advising the board on which investments can be managed well enough to extract a better return than their competitors. To achieve this, risk managers need to learn the board's language; prove that risk management is useful; and raise risk issues at the right time. Source: Risk Management
Featured Event
Enterprise Risk Management (ERM) is no longer considered optional as more and more attention is being placed on how a company manages their risks. Standard and Poor's (S&P) recently announced that by Q1 2009 they will begin to include ERM evaluations as part of their credit ratings process. Join Protiviti and SAP to determine the right approach to addressing S&P's evaluation requirements and find out how you can leverage that approach to provide the information for an overall ERM program.
Featured CPE Course
This course is offered at a discount through KnowledgeLeader’s partnership with MicroMash. The completed course is worth 1 CPE credit, and is designed to enhance your understanding of:
- Assessing Risks of Material Misstatement at the Financial Statement Level
- Assessing Risks of Material Misstatement at the Relevant Assertion Level
To view the full list of CPE courses, please visit KnowledgeLeader’s Standards & Training Page and follow the MicroMash Online CPE Courses link.
Did You Know?
KnowledgeLeader has a member discount program with Barnes&Noble.com. When using this site for your book, DVD, or music purchases, you will enjoy free shipping on all your online orders within the US. Non-US orders will be shipped at a reduced rate. The KnowledgeLeader Bookstore link resides at the bottom of the Standards & Trainings page.
CCH Tax and Accounting - Accounting Research Manager Updates
- Financial Assets -- FASB Proposes Guidance on Determining Other-Than-Temporary Impairments of Certain Securities
- Revenue Recognition -- FASB and IASB Propose Joint Approach for Revenue Recognition
- Derivatives -- IASB Proposes Guidance on Accounting for Embedded Derivatives
- Investments -- IASB Proposes Guidance on Investments in Debt Instruments
- Financial Instruments -- 2009 Edition of Publication Added
- Credit Rating Agencies -- White Paper on the SEC's Adoption of Credit Rating Agency Reforms Added
- IASB Update -- IASB Discusses Global Financial Crisis and Other Matters
- Professional Conduct -- AICPA Publishes Code of Professional Conduct Guide
- Knowledge-Based Audits of Construction Companies and Contractors -- New Edition Published
From the Archive
This presentation explains the key parts of the COSO Internal Control Framework, in particular the objectives and components of COSO. It also defines and explains ‘internal control,’ ‘internal control deficiency,’ and ‘material weakness’ based on COSO.
Top 5 Pages on KnowledgeLeader
The following links will take you to the five most popular pages from the week of December 15, 2008.