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Transaction monitoring represents vast, untapped potential for internal audit effectiveness By John Harrison, Protiviti Managing Director
Since the internal audit profession began, periodic, representative
sampling has been used to verify the effectiveness of controls or to uncover
issues that need to be addressed. The key word is "periodic." In this article, Protiviti's John Harrison describes how having the means to monitor specific processes on a continuous basis has long been the vision of academics and many progressive internal auditors. This concept of "transaction monitoring" is now a reality for auditors.
Click here for the rest of the story!
This article was contributed by Protiviti KnowledgeLeader, an online service providing tools, templates, and other resources for internal audit and risk management. Free trials available at www.knowledgeleader.com.
For a limited time KnowledgeLeader memberships are available for the reduced rate of $595 per year. Tell them you heard about it from AuditNet.org. AuditNet® Community Sponsor News!
Thanks to Paisley and TeamMate for sponsoring the newsletter! The AuditNet® community has grown by leaps and bounds thanks to your continued support. Yes it is hard to imagine but it has been more a decade since this community was created! Support AuditNet® by supporting our sponsors. Without sponsor and affiliate advertising and contributions from the AuditNet® community everyone would have to pay for use of this site.
This month check out Protiviti KnowledgeLeader Internal Audit Community, a web-based internal auditing tool that will help you identify risks, develop best practices and add value to your organization. We give you internal audit tools, checklists, and templates as well as news and updates on the latest business risks and controls.
Remember! Clicking on sponsored ads and visiting their sites helps support AuditNet®. Career Advice Q&A Maximize Your Time for Bottom Line Results
author of How to Say it When You Don't Know What to Say: The Right Words For Difficult Times
We can’t change the number of hours in a day or week but we can change the way we use our time. Jan Jasper, a productivity expert in the New York City area and the author of “Take Back Your Time: How to Regain Control of Work, Information, and Technology,” share suggestions on how to make the most of your time while maximizing productivity.
For the Q&A click here! Resume Tune-Ups Add Resume Writing to Your Strengths by Robbie Miller Kaplan When you spend approximately 25% of your professional time writing reports, it’s easy to think of your resume as just another report. But your resume needs to communicate your strengths and credentials, and potential employers need to see them in a quick scan; a report format just can’t do the job.
Abdul has taken the time to chronicle all his experience and strengths but his report format is just too tedious to read. The format also lacks consistency; Abdul mixes it up with dashes, roman numerals, boxes, and letters.
The first step in writing a resume is to understand your intent; what position are you seeking, what are the job requirements, and how do your credentials match? Next, write and produce a resume document that details the exact qualifications that the potential employer is seeking. Extraneous information relating to unnecessary experience, skills, and training is all clutter and any clutter takes away from your core credentials.
Knowing what to eliminate is as important as knowing what to include.
Each of us must have an impartial eye when evaluating our resumes. Ask yourself “Is it easy to read?” “Are my qualifications right up front?” “Do details that support my job objective follow?”
It’s not enough to be an expert at writing reports; you must be an expert in communicating your credentials and strengths.
Get a Free Resume Analysis! AuditNet Adds a New Career Feature: The Resume Tune-Up.
Nationally recognized resume expert and author of How to Say it When You Don't Know What to Say: The Right Words For Difficult Times If you would like your resume to be considered for a tune-up, please e-mail it to Ms. Kaplan. You will be notified by e-mail if your resume is selected. You will need to make yourself available via e-mail to answer a few questions with a tight deadline. Ms. Kaplan will send a critique and suggestions to the individual selected and a summary Resume Tune-Up will appear in the monthly newsletter column. If selected you give AuditNet the right to display your resume for the column. AuditNet® What's New This Month? From the Editor!
AuditNet's Chief Curmudgeon adds a Map Showing the Global Reach of AuditNet!
In conjunction with the Linkedin Professional Audit Information Networking (PAIN) Group established in December 2007 we added a mapping application that demonstrates where AuditNet users live and work. The PAIN group provides an opportunity to tap into a global network of auditors. To add yourself to the map click here. To join the PAIN group click here.
AuditNet Survey Results
Great information source. I am a one person audit shop and the resources really help.
AuditNet conducted a survey of users in January and the results are now in. Almost 90% of users come for the audit programs. 88% of the visitors are registered users or subscribers. 84% of visitors belong to the IIA, 35% belong to ISACA (more than one response was allowed). Regarding other subscription based sites 15% use KnowldegeLeader. More that 73% do not use any other subscription service. Additionally we asked users what they like about the site and how we could improve. The details of those responses are being analyzed and will be used to improve services to AuditNet users. Thanks to the more than 200 auditors who responded!
If I am tasked with an new audit, I like a starting point. By reviewing the audit programs online, I can see if I missed anything in my audit program and improve on my work by the knowledge shared.
New Programs Available to All for 30 Days AuditNet will make new additions to the database available to all users for the first 30 days. After that users will need to subscribe to access those programs.
AuditNet added 124 new audit programs over the last 12 months. Subscribe now or renew your subscription so you don't miss out on any updates to the inventory of audit programs.
AuditNet Server Upgrade AuditNet moved the Web site to a dedicated server. Please be patient and be sure to report broken links that you encounter.
Pay by Phone or FAX AuditNet is now set up to accept credit card payments for subscriptions by phone or fax. If you are interested in this option click here! Writing for AuditNet? AuditNet Editorial Guidelines Based on the number of articles being contributed to AuditNet we have developed editorial guidelines for future submissions. If you are planning to write an article please review the guidelines before submission. We appreciate receiving material from the global audit community in the interest of sharing knowledge. We are also in the process of guidelines for book reviews and other material submitted for inclusion on AuditNet. Get Audit Related Books Free! Interested in developing your writing skills with having access to the latest audit and business related books? AuditNet is looking for auditors that would like to review books for the benefit of the audit community. This is an excellent way to build your professional publication library and provide a valuable service for AuditNet users. A list of available books will be provided on request. For the guidelines click here. New Benefits of Registration AuditNet receives many questions on what kind of audit related information is available on the Internet and where to find it. As a result of my research to find the answers to those questions I discover value added resources that are useful for auditors. In the past these resources would have been added to the AuditNet Links Page (aka KARL). To provide an incentive for auditors to register on AuditNet I will begin loading these links to a special page that is only available to registered users. AuditNet forges new relationships with professional associations and accounting sites to provide auditors with access to audit work programs. Professional Association Access to AuditNet Audit Programs. If you want your professional association (IIA, ISACA, ACFE, ACUA, ACUIA etc) to have transparent access to AuditNet audit programs and other content as a benefit of membership contact your professional association official and ask them to pursue this with AuditNet. Fraud News Feed Go to the AuditNet Fraud Resource Center and check out the fraud news feed to keep up to date with media reported fraud happenings. Audit Programs The audit programs section of AuditNet requires registration in order to access. New audit program contributions are available only to paid subscribers or on a one-for-one exchange basis. There are over 80,000 registered users. A multi-user subscription rate was added to the individual subscription program to the premium content. Organizations that need more than 2 staff members accessing the service will benefit from this new rate. There are new additions to the premium audit programs available as an alternative for those auditors that are unable to contribute material to AuditNet®. Site licenses are also available for organizations with more than 15 users. The best way to find all the resources on the site is by going to the Virtual Library or use the site search. IIA Technology Audit Guide Series Guide 9: Identity and Access Management Identity and access management (IAM) is a cross-functional process that helps organizations to manage who has access to what information over a period of time. This process is used to initiate, capture, record, and manage the user identities and related access permissions to the organization's proprietary information. Poor or loosely controlled IAM processes may lead to organizational regulatory noncompliance and an inability to determine whether company data is being misused. Each Global Technology Audit Guide (GTAG) will be written in straightforward business language to address timely issues related to information technology management, control, or security. GTAG will be a ready resource series for chief audit executives to use in the education of members of the board and audit committee, management, process owners, and others regarding technology-associated risks and recommended practices. Previous Guides:
AuditNet® Fraud Auditing CornerFraudster Profiles Looking for a great way to educate employees on how an ethical employee goes to the dark side, and the consequences of poor internal controls? Check out the following video from one of Gary Zeune's speakers. Master Fraudster Mark Morze ZZZ Best on FMN tells how he fooled auditors and what they could have done to detect the fraud. Gary Zeune has the ONLY speaker's bureau in the country specializing in white-collar criminals — The Pros & The Cons. Mr. Zeune's speakers tell their stories of how and they committed their crimes. Their frauds range from $18,000 to $350 million. Speakers include CPAs, attorneys, and business people.
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Interview by Robbie Miller Kaplan 
, Robbie Miller Kaplan will select one
auditor resume each month and suggest ways to transform the resume
from passable to powerful. 
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Microsoft, of course, is huge. That computer on your desk probably contains at least one Microsoft product. The firm has almost 80,000 full-time employees with offices in more than 100 countries and thousands of vendors. Like many burgeoning global corporations, it has to seek staffers with integrity. But even with the best hiring practices, no entity can ignore the possibility of fraud in its ranks.
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This article is from Fraud Magazine, the professional magazine
of the Association of Certified Fraud
Examiners
For the rest of the article from the latest ACFE Fraud Magazine click here.
ACFE FraudInfo Newsletter click here!
Dan's Internal Audit Corner
Internal Audit Priorities for 2008!
- By Dan Swanson
Internal audit efforts must be risk-based and contribute to the long-term assurance needs of the organization and its board. A formal risk-assessment should be completed at least annually and the results of that assessment should direct internal audit priorities.
The turn of the calendar year is an excellent time to refocus sights on the long-term horizon. For example, what does the organization want to achieve in the next three to five years, and what does it need to do to get there? Certainly, each organization will have different goals, objectives, issues, and challenges; and no single “standard” long-term internal audit plan will work; however one option is presented below.
The Top 12 Internal Audit Priorities
Click here for the priorities and links to resources.
Have another great month
Dan
Also check out the latest IT and Information Security Titles Published by Taylor & Francis!
Have another great month.
Regards,
Dan
AuditNet® Conference & Training News
Want to announce your professional association conference to the global audit community? Send us conference name, date and URL details. (A reciprocal link to AuditNet is required). AuditNet supports co-marketing sponsorship agreements for conferences on a case by case basis.
Fighting Corporate Fraud conference 12 – 13 February 2008, Brussels, Belgium Request your FREE CONFERENCE BROCHURE by sending an email to Mr. Matej Mutis (matej.mutis@jacobfleming.com) or call him at +421 257 272 333.
Fraud & Corruption Summit 2008, 5-7 March, 2008, 'The Polar Star' (Polstjärnan), Stockholm. For more information email cdoughty@mistieurope.com
SuperStrategies 2008 April 14-16, 2008 Las Vegas - JW Marriott Resort
* indicates events where Jim Kaplan is speaking
Click for a recent (free) example of
EDPACS
The free example issue includes:
1) The State of IT Auditing in 2007
- by Gary Hinson.
2) Why is Security a Software Issue?
- by Julia Allen.
EDPACs call for articles (PDF)
EDPACS Editorial Board (current membership)
EDPACS subscription page
______________________________________
 What's new: Uncover the gap with a no-cost benchmarking survey How can you uncover the gap between your
current performance and the suggested, more optimal way to perform the
process? |
by Mike Blakely
Many organizations have recurring audits, either over time or over locations, or both. Examples include branch audits, inventory audits, store audits, etc. Often these audits will have narrowly defined objectives, which have evolved over time based upon prior results. Assigned staff may include entry level personnel with limited knowledge and experience. Turnover can also erode the knowledge levels over time.
The challenge is how best to leverage these resources so they can be used in the most efficient and effective manner. This article looks at two approaches, both framed in an Excel environment and both automated to the extent feasible.
For the rest of this article by Mike click here!
About the author: Mike Blakley is currently an IT auditor with the State of North Carolina, Department of Health and Human Services. Mike maintains a blog devoted to audit software topics at http://blog.ezrstats.com and his e-mail address is Mike.Blakley@ezrstats.org.
*Data Analysis Tools and Techniques for Auditors
Recovery Auditing: Reducing Profit Leaks
Stop Duplicate Payments in Their Tracks
by Richard Lanza, CPA/CITP
Last month’s article focused on the causes of duplicate payments. Now, we’ll take a closer look at ways to improve your payments processes and technological steps you can take to prevent duplicate payments.
To read the rest of this article click here!
Upcoming Webinars and Events
How to "Develop a Risk Universe for Excel Spreadsheets" & "Using Microsoft Excel as an Audit Tool" Feb 19, 2008 Webinar
Power Excel Webinar Feb 20, 2008
How to Reduce the Cash Leakage from Your Procure-to-Pay Function - April 24, May 5, and May 8, 2008
Cash Leakage Best Practice Seminars
How to Reduce the Cash Leakage from Your Procure-to-Pay Function: A Best Practice Approach Seminar
April 24, 2008 Chicago, IL
May 5, 2008 Philadelphia, PA
May 8, 2008 Online
For more information and registration click here!
Make sure you mention AuditNet when registering for the above
events! Audit Work Programs Corner
30 Day Trial to the Premium Section
Access to the free audit program section now requires registration. The following audit programs, ICQs, checklists or working papers were added this month. They are available on a 1 for 1 exchange for an original audit work program not currently in the inventory. If you unable to share audit programs then consider subscribing to the premium content which provides you with access free and premium content 24/7/365. Interested in previewing all the programs in the premium content section? Contribute an original audit work program not currently in the inventory and receive a 30 day trial subscription to the premium content. Contribute 5 programs and receive a one year trial subscription. (Offer only available for new programs submitted).
E-Book for
Subscribers to the Annual Audit Programs
- Auditing Oracle Applications Primer for Internal Auditors
- Computer Security Audit Checklist
- Fixed Assets Audit Program (Feb 08)
- JP Morgan Access Application Audit (Feb 08)
- Oracle: Accessing the Oracle Apps DB Without Having a DB Login
- Oracle: Auditing Application Controls
- Oracle: Risk Based Assessment of UAC and SOD White Paper
- Oracle: Best Practices for Bank Account Entry and Assignment
- Oracle: Journal Approval Best Practices
- Privacy Audit Checklist
Ask the Auditor
Each month I select one question submitted to Ask the Auditor and provide an answer using the same digital tools and techniques that I recommend to all auditors.
Q: Consideration of the probability of error, irregularity or noncompliance
I'm looking for guidance on how to assist my Internal Audit function to apply the IIA standard regarding "consideration of the probability of error, irregularity or noncompliance" (Standards 1220 and 2210) in the audit planning phase.
Under what circumstances is it appropriate and not appropriate to consider the probability of significant error?
Is it relevant only to financial based audit work and substantive testing of transactions/balances, or is it appropriate for all audit test work?
How has this standard been applied in practice?
A: (Thanks to Ferdinand Balfoort) I would suggest that the auditor should at all times consider the probable risk of any significant error, irregularity or non compliance in the planning phase.
During the planning phase you would design your systems descriptions and identify key controls and apparent weaknesses. Using your own assessments you would then develop your audit program or adjust any existing ones. Preferably all key controls and all weaknesses should be tested for, firstly to confirm the existence and operation of controls, and in the second case to measure the extent and impact of the weakness identified by substantive, preferably unbiased statistical sampling.
If you have a time or resource limitation you could conceivably drop off some items, which is where your assessment of materiality comes in, ie, which key controls or weaknesses pose the greatest risks in terms of a probable significant error.
This is relevant for all types of audits and reviews. For example, if in a pharmaceutical manufacturing scenario the internal control of regularly calibrating dosing meters breaks down, we could conceivably end up poisoning patients with off spec medicines. Although this may look like an operational or engineering maintenance issue, the reality is that any subsequent recalls, loss of brand value, risks of legal suits etc, would definitely affect the financial situation of the organization.
Another example is in the financial sector. Testing an internal control to ensure that private banking client files are complete and secure may seem like a very mundane exercise until you realize that those files are the key evidence to prove that Anti Money Laundering regulations have been complied with, in terms of doing a proper due diligence on any new private banking clients.
More discussion on this question can be found at LinkedIn Answers for auditing by clicking
here.
For those auditors who have not seen the power of using a networking group, I recommend a visit to LinkedIn
If you have a question for Ask the Auditor click here!
Looking to Earn Some Extra $$?
AuditNet is interested in developing a series of SOx or industry related audit programs for organizations. If anyone is interested in writing audit programs, ICQs, questionnaires, or control matrices on a work for hire basis please contact me. If you may know of anyone who would be interested in this as well please pass along my contact information.
AuditNet Construction Corner News
Procurement Strategies and Planning
By Gursharan Singh
The procurement of construction machineries, equipment, tools and building materials generally constitute over 40% of any construction project or for trading, manufacturing purposes. Consequently, it has a direct effect on the efficient implementation of any works or supplies. This in turn will affect the financial viability of the procurement. Similarly, procurement of office supplies and professional services also involve millions of dollars for companies and other organizations whereas it may be in just hundreds or thousands for individuals.
For the rest of the story click here!
AuditNet Sarbanes-Oxley News
Low Cost SOX Compliance Readiness Tool
Exclusively for AuditNet
Looking for a low cost ($100) solution for SOX compliance? The Compliance Readiness Tool™ allows organization’s to evaluate the effectiveness of their information technology environment and controls in relation to section 404 of SOX and the Committee of Sponsoring Organizations (COSO) internal control framework.
For more information click here!
There are plenty of articles in the news on the topic of Sarbanes Oxley. Here is a link to a site that does the research and provides you with links to all the relevant stories.
AuditNet Career Center
Auditors Looking for Jobs!
Companies Looking for Auditors!
The Matching Service for Auditors!
Go to the AuditNet® Career Center now for the latest job opportunities and career-related information and tools. 24 hours a day, 7 days a week you have the ability to not only look at available jobs, but you can also post your resume, apply for open jobs, research companies and obtain career advice. If you are in the market for a new job, make AuditNet® your first stop to check out what's available.
If your company has any audit job vacancies that you are looking to fill, have your HR people contact AuditNet® to post the job and search for candidates.
This is just another benefit of using AuditNet® as your one stop shop for all your audit and career resources.
AuditNet® Book Reviews
AuditNet® Software Compliance Audit Corner
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Click here for a special offer and late-breaking software compliance news!
Monograph on Software Compliance Auditing: Looking for a Career Change? Registered users can read the complete monograph by clicking here! Registered AuditNet users can send for 20 free software compliance articles. Login to your account and click on the link to receive the articles by email. Also the following articles should interest you! Microsoft has started a program recently in UK that has wide reaching implications for smaller and medium sized organizations, that auditors need to be aware of to minimize risk. More details can be seen by clicking here! |
Your Secret Weapon in the War on Fraud
White-Collar Crime Fighter brings you expert strategies and actionable advice from the most prominent experts in the fraud-fighting business. Each month you’ll learn about the latest frauds, scams and schemes... and the newest and most effective fraud-fighting tools, techniques and technologies you can put to work immediately to protect your organization.
Click here for the latest e-newsletter and subscription details.
The AuditNet® Audit Bookstore Corner
Looking for books on auditing related topics? We suggest using the AuditNet® bookstore. The bookstore focuses on Internal Audit but includes other related subjects as well. AuditNet® uses Amazon to power the bookstore so each purchase you make through this link helps support AuditNet®.
How to Say It When You Don't Know What to Say The Right Words for Difficult Times
By Robbie Miller Kaplan
As auditors we constantly interact with diverse stakeholders such as colleagues, managers, employees and others. Frequently we encounter people dealing with challenging and difficult times that may or may not be related to work. Our reaction to these situations is conveyed in our behavior both nonverbal and verbal.
For the rest of the review click here.
AuditNet® Vendor News
Check here for the latest news from our AuditNet® sponsors!
Then check out the CCSA Study System published by Pleier Corporation.
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The "McKeever CCSA Study System" is available in 2
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Exceeding Expectations for Internal Auditors
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