Walmart ongoing bribery investigation

to lead to losses  http://accounting.smartpros.com/x74689.xml

Importance of soft skills in internal auditing

We know technical skills are important, but note the importance attributed to 7 skills of importance.  http://www.cgma.org/Magazine/News/Pages/20137573.aspx

Be careful providing comfort

This AICPA blog post addresses concerns regarding comfort letters.   http://blog.aicpa.org/2013/03/the-dangers-of-providing-client-comfort-letters.html

PCAOB to consider reorganizing the audit standards

Meeting this Tuesday to consider this topical organization approach.    http://journalofaccountancy.com/News/20137625.htm

COSO framework released May 15

The new framework has 17 principles to explain achieving effective internal control.   The 1992 framework will be considered superceded  on Dec. 15, 2014.   http://journalofaccountancy.com/News/20137619.htm

The importance of the insider in fraud situation

The 2012 Kroll Global survey of executives indicates a changing fraud environoment.  Check out some of the variables related with fraud.  839 senior executives weighed in for the survey.  http://www.accountingweb.com/article/new-report-shows-changing-fraud-environment/221374

Fraud IQ

Test your fraud IQ  http://www.journalofaccountancy.com/Issues/2013/Mar/20126774.htm

NASDAQ proposes rule about internal audit

similar to the NYSE.   If approved, companies listed on the NASDAQ must have an internal audit function.  The purpose is to provide audit committees with risk assessments.
  http://www.sec.gov./rules/sro/nasdaq/2013/34-69030.pdf

ACL workpaper video

This video (5 minutes) is a short demonstration of how ACL software can automate the internal audit report.   It shows how the risk control matrix therein helps yield findings in an SAP system.   While ACL is a for-profit company, this video highlights the use of a GAS tool in an informative way.   Allows students to see the practical aspects of the theory they have learned.  http://www.acl.com/mtccampaigns/workpapers-demo/?mtcPromotion=19423

Group Audit Standard

This article clarifies the group audit requirements as a result of the clarity standard published by the AICPA.   Terminology such as component auditor is defined as well as the responsibilities that stem from this statement.   The provisions of this standard are within AU600.   http://www.journalofaccountancy.com/Issues/2013/Mar/20126525.htm

If you had learned auditing before this change, you are most used what used to be called the "principal" auditor and "other" auditors....this is now respectively known and referred to as the "group" auditor and the "component" auditor

Follow the "why"

A novel approach to asking why in the context a contract audit situation.   Change orders....ask why, and follow it to see where it takes you.   A simple but illuminating process in an audit interview.   Thanks to the AGA newsletter for this particular article.  http://www.agacgfm.org/AGA/TOPICS/Archive/031113/perspectives_miller031113.pdf

Risk Appetite

Check out this white paper from the Institute of Risk Management that explains  about risk appetite and risk tolerance.    https://community.cgma.org/cgma/b/blog/archive/2013/03/01/betting-the-farm-what-is-your-risk-appetite.aspx

Survey of Audit Committee Members

yielded positive results in terms of the information they are getting from their auditors.   Communication is less clear on interactions with PCAOB over the inspection process results. To read this article see this link.
http://www.complianceweek.com/survey-suggests-audit-committees-get-adequate-information/article/283180/

What PCAOB has found

about problems in auditing firms  http://www.accountingweb.com/article/pcaob-gives-audit-firms-mixed-review/221228

Risk, safeguards and the film Arbitrage

Read this blog post from the Chartered Global Management Accountant and the link at the end to an array of resources on risk.   https://community.cgma.org/cgma/b/blog/archive/2013/02/27/risk-safeguards-and-arbitrage.aspx