Publications

February 8, 2010
Ten Steps to Sarbanes-Oxley Compliance
One problem with the implementation of SOX is that it tends to set a standard for compliance that may be inadequate. Meeting SOX standards does not imply that a firm or an IT department has the processes in place required to manage its business. Nor does it mean that an optimal level of control exists anymore than having a pulse signifies good health. SOX compliance is the minimum standard, not an optimum standard. Regardless of your firm’s current maturity level, you will need to demonstrate SOX compliance efficiently and honestly. This article describes the typical steps required to pass Section 404.
CONTENT AREA: Articles
TOPICS: IT Controls, Sarbanes-Oxley Act, Reporting/Disclosure, Section 404 - Internal Control Reporting, Compliance

February 1, 2010
Impact and Implications of IFRS Conversion
This section of Protiviti's "Guide to International Financial Reporting Standards" addresses common questions concerning the impact and implications of the International Financial Reporting Standards (IFRS) conversion process. Topics covered are: Will IFRS reduce the current level of complexity that exists in financial reporting? Will IFRS improve the transparency of financial reporting? And, how will IFRS affect my organization’s business policies and procedures?
CONTENT AREA: Questions & Answers
TOPICS: Financial Reporting, Audit Committee & Board, External Auditor, Change Management, IFRS

February 1, 2010
Large U.S. Companies with U.K. Operations Must Comply with new Certification Process for Senior Accounting Officers Created by Schedule 46 of U.K. finance Act 2009
Effective for fiscal years beginning on or after July 21, 2009, HM Revenue & Customs (HMRC) in the U.K. has introduced Schedule 46 of Finance Act 2009. The objective of this new legislation is to ensure that senior accounting officers of large companies liable for taxes and duties in the U.K. are responsible for certifying that “appropriate tax accounting arrangements” have been established and maintained. This new certification requirement applies to large foreign companies with U.K. operations. Therefore, large U.S. companies with U.K. operations must comply.
CONTENT AREA: Regulatory Updates
TOPICS: Accounting/Finance, Taxation, Corporate Governance, Audit Committee & Board, United Kingdom

February 1, 2010
MasterCard PCI Changes for Level 1 and 2 Merchants
In June 2009, MasterCard announced that Level 1 and 2 merchants were required to use an independent qualified security assessor (QSA) to obtain a report on compliance (ROC) by December 30, 2010. MasterCard has now pushed back the date to June 30, 2011. In addition, some of the rules governing the process have changed. This Flash Report summarizes the changes announced by MasterCard in June and December 2009.
CONTENT AREA: Regulatory Updates
TOPICS: Consumer Products & Retail Industry, Technology, IT Audit, IT Controls, Risk Management & Assessment

February 1, 2010
Monitoring Controls a Top Priority in 2010
In a complex global operating environment, continuous monitoring of data and controls can cut costs, mitigate risks, and make more informed business decisions. But going about it the right way is fraught with challenges. Experts offer some helpful advice inside.
CONTENT AREA: Articles
TOPICS: IT Controls, Internal Audit, Continuous Auditing, IT Audit, COSO

February 1, 2010
Risk Oversight: A Board Imperative (风险监督：董事会责无旁贷)
一场席卷全球的金融危机过后，风险监督流程的重要性已不言而喻。在本期通讯中论证了这一流程的重要性，并列举了董事会就风险管理需要与管理层沟通的若干问题。而在所有的通讯文章中，我们都不会提供所谓的“标准答案”。我们将带领您思考以下议题：企业风险评估流程、了解未知领域、风险偏好、从战略的角度考虑风险管理、高层态度和文化，以及风险监督董事会最佳架构等等。
CONTENT AREA: Newsletters
TOPICS: Corporate Governance, Audit Committee & Board, Risk Management & Assessment, Enterprise Risk Management, Entity-Level Control, China

February 1, 2010
Role of Internal Audit
This section of Protiviti's "Guide to The Sarbanes-Oxley Act" addresses common questions focused on the role of internal audit. Topics covered are: How should internal audit avoid any conflict-of-interest issues as it plays a value-added role with respect to the Section 404 certification process? What is the role of internal audit in the evaluation process? And, what changes in internal audit can be expected as a result of Section 404?
CONTENT AREA: Questions & Answers
TOPICS: Sarbanes-Oxley Act, Internal Audit, Section 404 - Internal Control Reporting, Internal Controls

February 1, 2010
The Current State of Internal Auditing: A Personal Perspective and Assessment
Norman Marks and Jay R. Taylor have been practitioners and thought leaders in the internal auditing profession for many years. In this article they review high-level issues such as standard-setting and leadership of the profession, where internal auditing should report, and each major aspect of internal auditing from planning and risk assessment to staffing and the use of technology. The authors discuss how internal auditing has improved and where opportunities for enhanced performance can be found in each area.
CONTENT AREA: Articles
TOPICS: Audit Committee & Board, Internal Audit, Audit Planning, IT Audit, Risk Management & Assessment, Sarbanes-Oxley Act, Section 404 - Internal Control Reporting

January 25, 2010
Creating an international audit team at Enel
Enel is Italy’s largest power company, producing and selling electricity and gas across Europe, and North and Latin America. In this profile, Francesca Di Carlo, the director of audit for Enel, discusses the team’s greatest challenge over the past 18 months: how to create an international department. This is an important initiative because the business owns operations in numerous countries.
CONTENT AREA: Performer Profiles
TOPICS: Italy, Energy & Utilities Industry, Internal Audit, Audit Committee & Board, Ethics, Fraud, Project Management

January 25, 2010
Executive Ownership and Governance
This section of Protiviti's "Spreadsheet Risk Management: Frequently Asked Questions" addresses spreadsheet risk management roles and responsibilities. Topics covered are: Who is accountable for effective spreadsheet risk management? How can executives define and communicate spreadsheet risk management requirements? And, what should be the role of internal audit?
CONTENT AREA: Questions & Answers
TOPICS: IT Audit, IT Controls, IT Strategy, Risk Management & Assessment