KnowledgeLeader Blog

How to Identify Remarkable Value in Data Analytics for Internal Audit

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:30 AM

Internal auditors have weighed the benefits of data analytics software since the earliest versions of the technology began to surface nearly two decades ago. The conversation has continued even as the tools have grown in sophistication and become more pervasive on Windows-based systems.

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Topics: Internal Audit, Audit Planning, Audit Reporting, Data Analytics

How to Remarkably Audit Your IT Initiatives

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:15 AM

Changes to a company’s information technology (IT) environment, both information systems and the underlying platforms, are a source of significant operational risk for every organization. To protect its IT investment and reduce operating risk, robust change management processes are critical. The need for a positive control environment and a very unforgiving attitude regarding unauthorized IT changes by management cannot be overemphasized. Insufficiently tested IT changes is an unacceptable practice.

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Topics: IT Audit, IT Governance, IT Infrastructure, IT Strategy

Ten Tips You Need to Know for Making High-Impact Presentations

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM

In order to be a high-performing auditor, you must be able to deliver messages in a clear and compelling manner. From kickoff meetings and status reports to internal training sessions, executive committee reports and even ordinary staff meetings, auditors are often required to communicate with tact, diplomacy and conviction.

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Topics: Human Resources, Training & Development, Internal Audit, Audit Committee & Board

Internal Audit: How to Guarantee an Increase in Performance

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM

The internal audit function’s position within a company is unique. It provides its principal stakeholders (audit committee members and management) valuable and objective assurance on governance, risk management and control processes, as well as consulting services to improve operations. With this critical responsibility to fulfill, implicit in executing those duties is internal audit’s continuous improvement to its own practices.

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Topics: Internal Audit, Risk Assessment, Audit Committee & Board, Quality Assessment Review, Audit Planning

Enterprise Risk Management: How to Effectively Raise the Bar

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM
Everyone talks about the need for good risk management programs, but nobody seems to know how to audit them to ensure that they work. The people that bear responsibility for setting the parameters of an enterprise risk management (ERM) program is pretty clear: the board of directors and the C-level executives. They decide what the risks are, what level of risk they’re willing to tolerate and what risks they do not want to tolerate. They are responsible for monitoring and responding to ERM outputs and obtaining assurance that the organization’s risks are acceptably managed within the specified boundaries.
 
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Topics: Enterprise Risk Management, Internal Audit, COSO, Risk Assessment, Audit Committee & Board, Governance, Risk & Compliance

How to Improve Internal Audit's Capabilities and Needs

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM

Ongoing professional development is essential for today’s internal auditors, previously outlined in Protiviti’s 2013 Internal Audit Capabilities and Needs Survey. The results of the survey provide plenty of food for thought on the importance internal auditors assign to professional development in the light of a rapidly changing environment with new challenges at every turn. At the same time, internal auditors are enjoying a broader range of career paths and becoming innovative thinkers to meet the needs and challenges of a changing environment.        

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Topics: Internal Audit, IT Audit, Audit Committee & Board, Audit Planning

Important Things You Need to Know When Traveling for Audits

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM

Over time, auditors have had the good fortune to go on audit assignments and client meetings throughout the U.S. and in many countries of the world. Some trips are spectacular, landing them in the midst of great cities like New York, New Orleans and San Francisco. Others, however, put some of them in danger zones amidst civil war and natural disaster. If you’re a well-heeled auditor, you’ll appreciate the stories and advice in this blog post. If you have ever dreamed of getting that plum auditing role that includes travel, take note: it isn’t always what you imagined it to be. This blog post will help you understand the pros and cons of the traveling auditor’s life.

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Topics: Internal Audit, Cross Border & Non-US Issues, Project Management, Audit Planning

COSO Integrated Control Framework: Important Changes You Need to Know

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM

 

In January 2013, the updated version of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Internal Control Framework went into effect (https://www.coso.org/). If you’re wondering what this model is, you probably work for a privately held corporation or a non-profit or are very new to internal audit.

 

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Topics: Compliance, COSO, Internal Controls, Risk Assessment, Entity-Level Control

How to Efficiently Create Agile Risk Management Solutions

Posted by Protiviti KnowledgeLeader on Thu, Mar 05, 2020 @ 02:02 PM

Many organizations have failed to keep pace with changing trends in risk and compliance. Resource allocation for many risk and compliance initiatives implemented under pressure of a crisis to demonstrate urgency and prioritization or regulators has proven to be unsustainable.

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Topics: Enterprise Risk Management, Risk Assessment, Governance, Risk & Compliance, Strategic Risk, Agile Auditing

Natural Disasters: How to Efficiently Leverage Lessons Learned

Posted by Protiviti KnowledgeLeader on Wed, Mar 04, 2020 @ 08:00 AM

Perhaps no disaster in recent history has done more to show the need for strong business continuity and disaster recovery planning than the Japan earthquake and tsunami of 2011. This massive 9.0 Richter scale earthquake, which occurred off the Pacific coast of Japan, caused tsunami waves that reached more than six miles inland in spots. More than one million buildings were damaged or destroyed, and nearly 20,000 people died or went missing. Tsunami damage was estimated at more than $300 billion.

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Topics: Internal Audit, Supply Chain, Disaster Recovery, Business Continuity Management

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