The Soapbox

Thomas

Tue, 07 May 2013 06:29:18 GMT

I beg to differ with the idea that Internal auditors should be involved in all stages of project implementation. For one this a threat to Auditors' independence. I agree with John Paul Lorenz on this matter and i would rather auditors stick to their professional roles. Even in providing consultancy services, the CAEs need to be very careful and to always avoid assigning the consultant to audit the consultancy job done by internal audit. To all auditors out there, this is an area that is quite controversial and auditors can easily be sucked into project design and implementation and compromising the integrity of internal audit. There is a lot in terms of corporate governance, risk and ethics on this matter and better watch out.

Keith Johnson, CPA, CIA

Thu, 31 Jan 2013 21:11:15 GMT

Little Things Add Up

Hello, I have been a proud member of the IIA and the Northeast Florida Chapter since 2004. My chapter, as with almost all chapters, is very much into chapter development and CAP. We want to not only to keep pace with the IIA, but to also develop our members as well.

We noticed a big way to get CAP is have a large chapter and highly attended meetings. While having a large and engaged chapter is nice, some rural areas are unable to grow large chapters easily. However, their chapter leadership may have no less a desire to attain gold or platinum status than one in a large city.

So, how does a smaller-sized chapter get points? You may find yourselves leaving a lot of points on the table and you not even know it. For instance, giving lectures and writing articles on Internal Audit-related topics can be sent to your chapter to get CAP. That helps a lot.

In the Fall, encourage your members to apply to join one of the many IIA Committees or Boards. Although it is competitive, and you may not be selected, you get CAP for just submitting the application. If some of your members like to write like I do, have them submit a Research Proposal through the Research Foundation. Be ready to do the research if selected, however, even if your research proposal is not selected, its eligible for CAP.

And here's the best part....while you're doing that, you're increasing your knowledge and value to your chapter, your employer, and your profession. Even though these activiites are not big and sexy, they add up and can make the difference between a Silver or Gold status.

So just because, you may be a member of a small chapter, look for the little things to earn CAP. It may turn out to be bigger than you think.

Genevieve

Fri, 25 Jan 2013 16:00:40 GMT

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Wincelle

Mon, 17 Dec 2012 10:00:53 GMT

I recommend bienmcog a member of the NSIAP (if you are not) as the articles in their Newsline address questions of this nature. Here is an excerpt from The Delicate Art of Making Audit Appointments by Telephone .Having made all of the appointment making mistakes over the years, I can now say that there is a great deal of art to doing it well. By thinking of what has worked and by listening to the customers I have learned that the appointment is not mine to make, it is theirs. Let’s face it. We are largely at the customer’s mercy. We all know that according to the policy conditions, near the back of the policy, there is a phrase giving us permission to audit all the records pertinent to the determination of the premium. We also know that if the insured does not “cooperate” with the audit process, they can face cancellation of their coverage or an estimated audit. At the same time don’t we just want to complete the audit without having to “strong arm” our customer? Can your skills help avoid the misunderstandings and extra work that goes along with estimating audits?

Macco

Sun, 28 Oct 2012 14:22:23 GMT

Taking the orveview, this post hits the spot

Matoissyjoaogarcia

Fri, 12 Oct 2012 11:17:19 GMT

Cash really is king a founrte 200 corp I was working with discovered' $ 147 m in interest from interco receivables during the tech go go days.This amount appeared once a ZBA process was implemented. The TMS in question could not reconcile the amounts as there was no note of interest in the orgian loans. Embarassing absolutely, whats more is that there are many more such tales waiting to be told.

Naresh

Sun, 09 Sep 2012 10:24:50 GMT

Lloyd,I agree completely. I've been on both sides of the fence, so I vturnee that I'm not overly prejudiced in so doing. It goes back to what I say and write often: auditors are people, too. While some are nasty individuals, most are not and they do care that business avoid the pain of audits assessments. There is a better use for business dollars that penalty and interest! Also true is that auditors would rather spend valuable time conquering the bigger problems. So, yes, please do heed the advice of auditors inasmuch as your resources permit it.

Marylouise

Fri, 07 Sep 2012 03:52:40 GMT

Great hammer of Thor, that is pwoerfully helpful!

Clara

Wed, 05 Sep 2012 06:27:26 GMT

Hey hey hey, take a gdaner at what' you've done

Javier

Sun, 02 Sep 2012 22:27:48 GMT

Hi Bruce,This is a very interesting and clanhelging topic. I have worked with a few CAEs back in my consulting days and as I look back I realise this is an area where most of them struggled. Fortunately, or unfortunately, I am now in a position where I am tasked with this responsibility (in a bank by the way). I have drafted my rating system based on the below factors:1 The economic value or exposure.2 Risk assessment3 The control environmentEach of the factors has related criteria depending on the areas being covered, for example assets under management, economic profit, expenditure, e.t.c.Can you please critic the aproach and suggest ways of improving it,Cheers

Seo

Sat, 01 Sep 2012 22:38:50 GMT

nice article . Thank you for sharing !

Neto

Wed, 01 Aug 2012 22:19:19 GMT

Rashed Khan | May 10, 2011 at 10:35 am Replyan audit can be a real headache and you are 100% corrcet when you say you need to be fluent in Excel but you know there are programs that can make this process a lot easier for you. a good Software Asset management program like Licence dashboard will actually simplify the whole process by collating and giving you all the information that a software auditor would require. Simple.

Sergei

Tue, 24 Jul 2012 16:07:56 GMT

Taking the oevrivew, this post is first class

Jenny

Mon, 23 Jul 2012 08:39:19 GMT

It seems like this happens more fnteuqrely with less auditors available to complete the assigned reviews. I've had auditors send out audit notification letters, even conduct pre-audit conferences via phone. Then, they never call back or call/email to to sting along the audit. In general, I only sign waivers on audits that are at least progressing beyond the initial documentation request. However, my issues come up after the first few informations requests are fulfilled. Auditors seem to lose steam. To minimize this I have begun to set up regular status meetings. It seems to have worked so far in that auditors generally make progress within a week or two after these calls. Have to keep doing this as they lose steam again, and again, and again....

Ahmd

Sun, 22 Jul 2012 16:47:00 GMT

Hi Bruce,This is a very interesting and cnnllehgiag topic. I have worked with a few CAEs back in my consulting days and as I look back I realise this is an area where most of them struggled. Fortunately, or unfortunately, I am now in a position where I am tasked with this responsibility (in a bank by the way). I have drafted my rating system based on the below factors:1 The economic value or exposure.2 Risk assessment3 The control environmentEach of the factors has related criteria depending on the areas being covered, for example assets under management, economic profit, expenditure, e.t.c.Can you please critic the aproach and suggest ways of improving it,Cheers

Masayuki

Wed, 13 Jun 2012 15:44:20 GMT

Rashed Khan | May 10, 2011 at 10:35 am Replyan audit can be a real headache and you are 100% ceorrct when you say you need to be fluent in Excel but you know there are programs that can make this process a lot easier for you. a good Software Asset management program like Licence dashboard will actually simplify the whole process by collating and giving you all the information that a software auditor would require. Simple.

Sham

Wed, 28 Mar 2012 09:00:23 GMT

These questions souhld be asked regularly in every country. Enron, Worldcom, etc would not have happened if these questions were answered on regular basis. I live and work in Shanghai, been in Greater China for a long time. My answers to the questions would be:1. Almost impossible to protect against this anywhere in the world except by clean-rooming the audit team.2. This is part of audit close out procedure to negotiate' the final written statement.3. Except for a 1-person company i cannot imagine this not happening anywhere in the world.4. Risk management in an audit firm works to protect the audit firm. Has same function for laywers and accounting firms.5. EVer seen a firm that has proven through published accounting procedures and examples lifted at random from its books and records, that it complies 100% with the entire provisions of the law? No. So does anyone comply 100%? No.6. My opinion is take them out of business. Auditors, like accountants and lawyers are there to operate according to law. That is the public and government expectation. If they dont meet it then register and close the business.7. I think not. Auditors souhld be a government function to remove incentives to act for commerical advantage or gain. Yes this is idealistic but need to strive for it.8. Government involvement and oversight. Transparency of audit procedures.

Devi

Tue, 27 Mar 2012 17:06:58 GMT

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Khalid Ezzaldin

Mon, 05 Mar 2012 10:09:57 GMT

Thank you for your kind comments. Looking forward to writing a follow-up post soon.

Natakachu

Mon, 05 Mar 2012 03:11:02 GMT

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