HOT ISSUE
Why Adopting the Quality Standard is Important for Internal Auditors
Now, more than ever, leading organizations are recognizing the importance of maintaining an effective internal audit function. Given the extensive regulatory developments and increased liability in today’s business environment, audit committees and company management, among other stakeholders, have placed greater emphasis on the need for enhanced governance, transparency and sound internal controls within their organizations. A quality internal audit function is a critical component in achieving this goal.
NEWSLETTER
Changes to The IIA Standards: What Do They Mean for Financial Institutions? - FS Insights Volume 3, Issue 1
FS Insights, a quarterly publication from Protiviti’s Financial Services Practice, provides timely coverage of issues facing the financial services industry and insights to help you identify, manage risks, and adapt to the changes affecting financial services companies. This issue features the articles: Changes to The IIA Standards: What Do They Mean for Financial Institutions? and Foreign Corrupt Practices Enforcement: Should Financial Services Companies Be Concerned?
POLL
IIA Standards Poll
The current poll question asks: "Has your IA function started to address whether or not it is in compliance with the revised Standards?"
COMPLIANCE WEEK ARTICLE
New Models for Broken Board Governance System
With such high expectations placed upon directors today, is Corporate America’s current governance model still adequate? Compliance Week Columnist Richard Steinberg explores three alternative governance models inside.
AUERBACH ARTICLE
Proactive eDiscovery: The Key to Reducing Litigation Risks and Costs
Companies of all sizes are facing increased litigation risks and costs today. A great way to reduce those risks and costs is to adopt a proactive eDiscovery approach. If you are not sure what "proactive" eDiscovery means, this article not only offers a good definition, but also explains the trends that make proactive eDiscovery inevitable, how to implement a proactive solution that can save you money, and how to get started now.
QUESTIONS & ANSWERS
Identifying, Documenting and Assessing Controls (Part B) – Guide to The Sarbanes-Oxley Act
This section of Protiviti's "Guide to The Sarbanes-Oxley Act" addresses common questions concerning identifying, documenting and assessing internal controls. Some topics covered are: How are processes and transaction flows documented? What is the external auditor looking for with respect to the period-end financial reporting process (close the books)? And, what level of assurance must management attain when reaching a conclusion on the design and operating effectiveness of internal controls?
SAMPLE
Risk Corridor Risk and Control Matrix - Sample
The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA) established a system of "risk corridors" for prescription drug plans and Medicare Advantage drug plans. That system would to some extent limit the profits or losses those plans would incur if their costs of providing the basic Medicare drug benefit turned out to be lower or higher than estimated in their bid submission. This sample risk and control matrix (RCM) addresses the risk corridor process.
ANNOUNCEMENT
New Flash Report Translated into Chinese
KnowledgeLeader is pleased to announce that a recent flash report has been published on KnowledgeLeader in Chinese: "PCAOB Issues Report on First-Year Implementation of Auditing Standard No. 5" The content can be located by clicking on "Topics" --> "China."
FEATURED LINKS
IFRS Returns to the Front Burner
Leading the charge to convert the world to International Financial Reporting Standards, David Tweedie says many of the problems opponents cite are being addressed and resolved. Is he right? Source: CFO.com
Managing Large Projects with Ease: 9 Pressure Reducers That Work!
Managing large software projects can be quite difficult under the best of circumstances. Unfortunately, individuals with limited or no experience often rely on survival tips from more experienced co-workers and other individuals in-the-know. Find nine compiled helpful tips that will undoubtedly improve your software project management experiences. Source: executivebrief.com
FEATURED KLplus COURSE
Corporate Responsibility – Preventing, Detecting and Deterring Fraud
The objective of this course is to help the learner understand what fraud is, how it can happen, and what can be done to prevent it. The completed course is worth 1.5 CPE credits and by the end of the course, the learner will be able to:
- Define fraud
- Discuss common ways in which fraud can happen
- Describe management fraud
- Discuss how the Sarbanes-Oxley Act relates to fraud
- Establish an effective anti-fraud program
- Identify characteristics of effective whistleblower programs
- Detail what to do if fraud is suspected
To view the full list of CPE courses available on KnowledgeLeader, please visit the
KLplus page, or to request an upgrade to KL
plus, visit the
My Account page.
DID YOU KNOW?
Policies & Procedures
There are over 300 policies and procedures available on KnowledgeLeader. Click on the link above to view all Policies & Procedures, or click on the 'Tools' tab located in the navigation bar, then click to view Policies & Procedures by Title, Date, or by Topic. We encourage you as community members to contribute your own policies and procedures to the website.
CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES
Weekly Summary of Accounting, SEC, and Auditing Developments
- Oil and Gas Activities -- SEC Staff Publishes New/Updated Oil and Gas Interpretations
- Shareholder Proposals -- SEC Staff Issues Guidance
- EDGAR -- SEC Publishes Updated EDGAR Filer Manual
- Revenue Recognition -- FASB Discusses Revenue Recognition and Other Matters
- EITF Materials -- FASB Issues Materials for November 19, 2009 EITF Meeting
- Financial Crisis -- IASB Discusses Financial Crisis and Other Issues
- International Accounting -- IASB Publishes Agenda for November 5-6, 2009 IFRIC Meeting
- Auditing Standards -- AICPA Issues Proposed Guidance on Terms of Engagement and Written Representations
- Compilations and Reviews -- New Knowledge-Based Publication Added
FROM THE ARCHIVE
Business Continuity Management Policy
This sample outlines a set of policies and procedures for formalizing a Business Continuity program, and provides guidelines for developing, maintaining and exercising Business Continuity Plans (BCPs). Such plans will ensure independence of crisis location, crisis duration and availability of any specific person or group of people.
It is one of our many pieces of content focused on business continuity management.
TOP 5 PAGES ON KNOWLEDGELEADER
The following links will take you to the five most popular pages from the week of October 19, 2009.
- Achieving High Performance in Internal Audit
- Month-End Close Template - Sample
- The New ISACA Risk IT Framework and Best Practice: Filling a Gap, Making Risk Management Easier and More Effective
- Entity-Level Controls – Fraud Questionnaire
- AuditNet Premium Content