| Announcements | |
Our mission at The Internal Control Institute (ICI) is to help improve Internal Controls worldwide. To help accomplish this mission ICI is sponsoring the development of the Internal Control Worldwide Network on LinkedIn. The Network is open to all professionals interested in Internal Control and Governance. We hope this forum will become the largest open discussion and sharing site for information regarding Internal Control and Governance issues in the world. We envite you to join the conversation and network with other professionals from around the world. Membership in the network is not limited but you must be a member Linkedin to participate (basic membership in Linkedin is also free). Members may come from all areas including the Board of Directors, Operations Management, Systems Designers, Auditors, Consultants, Internal Control Practitioners and others. If you have an internal control responsibility or are just an interested professional, we'd love to have you join the conversation. Together everyone achieves more, our success is your success! To join..sign into Linkedin..look for Internal Control Worldwide Network under groups.
AuditNet Webinar: Essentials of Effective Operations-Level Anti-Fraud Controls
Special Price for ICI Ceritfied professionals and members: $99
Date: 2010-09-29
Time: 2:00 pm - 3:15 pm EST
Brief Seminar Description: This Webinar will take the ambiguity out of the term "internal controls" and give you brass tacks, "how-to" guidance on how to implement anti-fraud controls with teeth in key business processes
What you will learn:
The disturbing facts about anti-fraud controls: Why fraud still pays
How to identify vulnerabilities in existing anti-fraud controls in accounts payable, payroll, procurement, T&E and other key functions
The Critical Components of Internal Controls
Segregation of Duties: What it REALLY means and how to use it as a powerful foundation for effective process-level anti-fraud controls
Who should be in charge of building your organization's anti-fraud controls
Case studies: When organizations do controls right
How to do a proper anti-fraud controls self-assessment
FREE BONUSES for all attendees of this Webinar include:
· Implementing a Control Self Assessment Program in Your AP Department by Chris Doxey, CAPP, CCSA, CICA ($50 value)
Special Report: Internet and Computer Crime: Expert Insight and Advice to Protect Your Organization ($85 value).
INTERNAL CONTROL CONCEPTS AND APPLICATIONS MASTER CLASS
November 1st, 2010 8:00 AM
Contact: Jenny Nguyen Email: jenny@salvoglobal.com Organization: Salvo Global
Location: Johannesburg, South Africa
For additional Information:
Event Description: This Course Will Focus On: · Effective implementation of COSO (The Committee of Sponsoring organizations) - Integrated framework of Internal Control · Monitoring and reviewing effectiveness of the internal control mechanism · Managing Enterprise Risk Management framework (ERM) and streamlining risk appetite · Controlling activities to eliminate risk and ensure accomplishment of objectives · Exploring current trends for internal control review and implementation
ICI participated in the Infogix, Inc webinar Enterprise Continuous Controls Monitoring Seminar on September 1, 2010. One of the experts offering thought leadership during this seminar was Michael Pregmon, Jr., Ph.D., CICP Co-Founder and COO, Managing Director of the Internal Control Institute. The Internal Control Institute has experienced a significant increase in the growth of internal control professionals throughout the globe and particularly in China, the Middle East, Europe and South Korea. The Enterprise Continuous Controls Monitoring 2010 Web Conference organized by Infogix provided an excellent forum for control professionals to keep abreast of the latest guidance, innovation and technology in controls monitoring and testing," The ECCM event was very well attended with over 200 attending the full event. Registrants can still use their log-in (for 90 days) to watch the entire event and earn continuing education credits. Also, people who did not register, but are interested in the conference (and CE's) can still register to view the full broadcast at: http://webcast.streamlogics.com/audience/index.asp?eventid=57363527
On our redesigned website there is an announcement area for each of the main pages. Announcements are located just below the blue header. Check out the recent announcements at Internal Control Institute. Visit us often to keep up with the latest news in internal control and corporate governance. |
Jim Turley's balancing act
CNN Money.com
Fortune
Interview by Geoff Colvin, senior editor at largeSeptember 16, 2010 |
Accounting -- exciting? After a global financial crisis that hinged on the misvaluation of assets, it's a lot more interesting than it used to be, and even more interesting if you're running one of the Big Four accounting firms. Talk about juggling constituencies: Ernst & Young CEO James Turley must respond to newly skittish clients, to recession victims who think accountants failed at their job, and to regulators worldwide who are certain that accounting rules must be changed -- they're just not sure how. Turley, 55, who grew up in St. Louis and has both bachelor's and master's degrees in accounting from Rice University, is an E&Y lifer. He has run the partnership since 2001, when Enron's collapse began a wave of accounting scandals that reshaped the industry. After Arthur Andersen failed in 2002, many of its offices around the world joined E&Y intact, expanding the firm significantly. Today E&Y has about 144,000 employees in 140 countries; though Turley has homes in London and suburban New York, he spends 75% of his nights elsewhere. He talked recently with Fortune's Geoff Colvin about being the CEO of Lehman Brothers' auditing firm, why America's tax policy is globally uncompetitive, and much else. Read edited excepts of the interview
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Is J-SOX enhancing corporate governance in Japan?
ISACA Knowledge Center
ISACA Now 9/16/2010 |
Since fiscal year 2008, Japanese enterprises listed on the Japanese stock market have been required to submit an annual report as well as an internal control report to the FSA, Financial Services Agency, Japanese Government within three months from the annual settlement day. Because of the country's traditional culture, many companies' annual settlement day is 31 March, making June a very busy month. More than 2,670 companies settled by 31 March and are affected by J-SOX. For fiscal year 2008, the first fiscal year for J-SOX, 56 companies noted that, "Our internal control over financial reporting is not effective, because we have critical deficiencies for our internal control processes." Nine companies reported that "We couldn't perform the necessary process for the internal control; therefore, we couldn't make our opinion." On the other hand, 2,607 companies-about 98 percent organizations-said, "Our internal control is effective."In fiscal year 2009, some improvements were seen. For example, only 22 companies said that "Our internal control over financial reporting is not effective, because we have critical deficiencies for our internal control processes." While the number of the companies reporting this has dramatically decreased, 10 companies have repeated this statement for the second year. Read more... |
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Financial Stability Oversight Council To Hold First Meeting Oct 1
By Victoria McGrane, Of DOW JONES NEWSWIRES |
The Financial Stability Oversight Council, created in July by the Dodd-Frank financial overhaul law, plans to hold its first meeting on Oct. 1, people familiar with the matter said.The powerful group of regulators, which some refer to as a "systemic risk council," is tasked with meeting at least every quarter and has broad powers to monitor emerging risks to the economy. The council has the power to designate large financial companies as systemically significant and force those firms to undergo Federal Reserve supervision. This is one of the most closely watched powers to emerge from the new law, and many large companies are expected to lobby regulators to avoid designation. Read more... |
IT-Control Weakness Wanes
But it's not fading from sight as quickly as other material weaknesses are.
David McCann - CFO.com | US
September 16, 2010
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The number of companies with financially material weaknesses in their internal controls over information technology is steadily decreasing, though not quite as fast as the number of those with other types of internal-control weaknesses. In an analysis of data provided by research firm Audit Analytics, CFO found that among accelerated filers (companies with a public float of at least $75 million), only 41 companies, or less than 1% of the total, had IT-control weaknesses in fiscal 2009. That was down from 66 companies (1.5%) in 2008 and 102 companies (3.6%) in 2004, the first year covered by the Audit Analytics database.Indeed, all internal-control weaknesses are becoming rarer. In 2004 15.8% of accelerated filers exhibited some type of weakness; by 2008 only 5.8% did, and last year the incidence fell by almost half, to 3.3%. "It shows that Sarbanes-Oxley is working," says Dan Schroeder, a partner with accounting firm Habif, Arogeti & Wynne. Among accelerated filers with internal-control weaknesses, the proportion with IT-related ones reached a six-year high of 29.1% in 2009, up from 25.2% in 2008 and a low of 18.5% in 2005. That suggests companies have more successfully addressed non-IT weaknesses."IT exposure continues to be an issue," says Joel Lanz, an independent IT auditor. "Financial managers now have a very good hold on accounting controls, but many don't understand what the IT controls are or should be."Most IT-control weaknesses are rooted in poor management rather than the technology itself, says Lanz. He lists some common problematic management behaviors that change-management controls don't always fully mitigate: To view the list.... |
New Gov't Report Finds Ongoing Flaws in Labor Dept.'s Whistleblower Protections
By Michael Hudson | September 16, 2010 |
A new government report has found continuing flaws in the U.S. Department of Labor's whistleblower-protection program. The report echoes concerns raised in a recent Center investigation of the department's handling of whistleblower claims under the Sarbanes-Oxley corporate reform act.
The Government Accountability Office report says the labor agency "has done little" to insure that investigators who review whistleblower complaints "have the necessary training and equipment to do their jobs." In addition, the agency doesn't have "sufficient internal controls to ensure that the whistleblower program operates as intended," the GAO said.The Department of Labor's Occupational Health and Safety Administration handles whistleblower claims made under the Sarbanes-Oxley act and 18 other laws. The Center for Public Integrity's investigation found that over the past eight years the agency had upheld 25 whistleblower claims under the Sarbanes-Oxley law - and tossed out 1,066 claims. That translated into a winning percentage of little more than 2 percent for workers seeking whistleblower status. Read more...
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Financial Controls to Protect Your Money from Fraud and TheftJulie Rains
Senior Writer, Wise Bread
Sep 21, 2010 |
One-third of all business failures can be traced to employee theft, according to AllBusiness.com. Outright stealing of products off store shelves or distribution racks may be obvious cases of such theft. Diverting proceeds from cash sales, borrowing money from company funds without express permission, double-charging customers and pocketing half of the receipts, and waiving fees for a friend are less noticeable ones.If you're busy setting strategic direction, meeting with clients, and negotiating with vendors, you'll need to delegate scrutiny of every business transaction - but don't forsake business continuity. Carve out time to establish financial controls, monitor bank balances, conduct audits, and investigate unusual activities. Click here to see a list of suggested controls |
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The professional staff of the Internal Control Institute™ has developed assessment tools for both organizations and individual professionals.For a FREE Assessment, please click here.
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| ABOUT ICI |
The Internal Control Institute™ (ICI) a worldwide organization devoted exclusively to internal control and corporate governance. The Institute is dedicated to the developement world-class educational programs and best practice guidelines on internal control and corporate governance based on the Sarbanes-Oxley Act and the COSO internal control framework. Visit us on the web at the Internal Control Institute | |
