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Network Audit Presentation Template

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Audit Presentation

Transcript: Other Risk Factors * Analyze and understand your company’s financial records * Identify key areas for improvement in your company * Assess risks, economy, efficiency and quality * Evaluate new technology * Uncover fraudulent or other illegal activities within your company * Reinforce and strengthen internal control 28.82 Walmart Items To Select Audit Risk Model Items with large dollar value & randomly selected items 1.23 Recognizes sales revenue net of sales taxes and estimated sales returns at the time it sells merchandise to the customer Purchases of shopping cards are not recognized as revenue until the card is redeemed for purchases Sam’s Club membership fees recognized over term of membership (12 months) Documentation Costco Specialized Accounting Treatments ... small -.006 (cc) image by anemoneprojectors on Flickr Completeness Completeness 6.23 .200 12.67 Earthquake in Japan Effect of inability to estimate value of damages and insurance recovery from event "...do not believe that any damages would be material to our financial position." Social Matters Earnings per Share Occurance .883 1.14 Physical Examination Classification % Change From 2011 Existence 3.43 -.1685 How to Manage Business Risk Industry 1.95 Times Interest Earned Transactions with large dollar value & randomly selected items Applying Analytical Procedures Subsequent Events Return on Assets % Change From 2011 Walmart Gross Margin Inventories: primarily lower of cost or market LIFO Sam's Club: weighted-average LIFO Walmart International: FIFO Recording markdowns Estimating Shrinkage - inventory losses based on physical inventory counts recorded as % of sales .466 Mostly undrawn lines of credit from 28 financial institutions totaling $11.5 billion Strictest covenants limit maximum amounts in secured debt and long-term leases Application of Evidence to Decisions Sample Size Items to Select Balance sheet date .470 .587 Ability to Meet Long Term Debt Obligations Management Assertions 4.52 Valuation & Allocation In the first quarter of fiscal 2011, certain information systems' expenses previously included in unallocated corporate overhead have been allocated to the segment that is directly benefitting from those costs. 6.12 Occurance and rights and oblications Accuracy Posting & Summarization Balance sheet date Existence Puerto Rico Segment Realignment -.061 Inventory Turnover Walmart 11.43 Segment Reporting Timing Net deferred tax liabilities has greatly risen from $891 million on Jan 31, 2010 to $1.695 billion on Jan 31, 2011. Accounting Risk Considerations 1.16 Completeness Compare invoices to purchase orders and general ledger accounts 4.28 Possible Effects of Audit/Examinations on Income Tax Positions Client Business Risk Walmart and Its Industry FY 2011 Company Review Understanding the Client Business & Industry Audit Evidence Decisions Cash and Cash Equivalents Investments with maturity ≤ 3 months Credit/Debit card transactions and EBT (electronic business transactions) to be processed within < 7 days 8.70 Auditing Walmart Presented by: Walmart Business Risks Transactions with large dollar value & randomly selected items 58.61 Classification (cc) photo by medhead on Flickr Retail Method of Accounting Current Ratio Management Assertions Transaction-Related Objectives 1.71 Audit Objectives .059 Audit Objectives Walmart Balance-Related Objectives Audit Procedures Collecting Audit Evidence Factors affecting business risk can be internal or external Examples: fluctuations in the economy, performance/addition of competitors, success/failure of client’s strategies and operations 21.03 Liquidity Activity Ratios Net Sales: $419 billion Total Assets: $181 billion Employees: 2.1 million worldwide 1.4 million in the U.S Assets and liabilities: translation using exchange rates at balance sheet date Income statements: translated using average exchange rates for the respective period -.0269 Walmart -.0095 Compare cash balances to bank statements, & credit card purchases to A/R Expansion strategies risk Worldwide operations Natural disasters Legal proceedings .105 Completeness Completeness Rights & Obligations U.S: 4,400+ stores International: 4,000+ stores Audit Evidence .099 Walmart Sample Size Identifying Key Risk Areas Costco Legal & Regulatory Matters Accuracy Linking Management Assertions to Audit Objectives Accuracy & Evaluation Management's responsibility to address business risks Disclosed in MD&A in 10-K for investors Auditors perform analytical procedures Address liquidity, profitability, etc. Residual risk Balance sheet date Audit Objectives Timing .077 Type of Evidence Timing Occurance and rights and oblications Labor law Anti-discrimination laws International trade laws Predatory pricing Products must meet federal regulations short term debt deferred taxes inventory .126 .081 Management’s Report to Shareholders (Low Risk) Days to Sell Inventory Classification & Understandability Target Profit Margin Cassandra Salcedo Max Weinstein Maurine

Audit Presentation

Transcript: Change group members regularly Have protocols in place to reach decisions Individual interviews Consider outside opinions a) Audit Risk b) Control Risk c) Materiality d) Attestation Groupthink Definition - The mode of thinking when individuals in a group are so focused on cohesiveness that they override alternative courses of action. Subsets of Groupthink: Polarization Cascades Examples: Pearl Harbor, Bay of Pigs, Mini Case Study Overestimation of the Group Illusion of Invulnerability Inherent Morality Close Mindedness Rationalization Negative Stereotypes of Outsiders Pressure toward Uniformity Self Censorship Direct Pressure Mind Guarding What is the term for the Magnitude of an omission or misstatement? Auditors must understand the Control Environment AU 316.15 • ...include a consideration of the known external and internal factors affecting the entity that might... indicate a culture or environment that enable management to rationalize committing fraud. Groupthink and Audit a) AICPA b) PCAB c) AACPA d) PCAOB Main player: CEO Bernie Ebbers Inflated Assets by $11 Billion Ebbers did not work alone, 400 accounting/finance employees were terminated after the scandal Overcoming Groupthink Auditing Standard 10 p. 5 • b) Partners must direct engagement team members to bring significant accounting and auditing issues to the attention of the partner and other engagement team members. every team member has a responsibility to bring issues to the attention of a partner and other team members. Auditing Standard 12 p. 52 • ...exchange of ideas, or "brainstorming," among the engagement team members Q & A Auditors Must Identify Groupthink Tone of the organization... Manager: “these documents are sensitive and confidential and should not be distributed outside of the department without advising myself first” Employee: “Opps! I sent it to AA [Arthur Andersen]. IT’S A JOKE. I fully agree with your concerns” Manager: “smart a**. Just trying to be dramatic and liven things up a bit” Groupthink and WORLDCOM Cont. WORLDCOM Pressure The SEC said that “Ebbers created the pressure that led to the fraud. He demanded the results he had promised, and he appeared to scorn the procedures and people that should have been a check on misreporting” Rationalization CFO Scott Sullivan had a misguided reputation among employees for his integrity many believed that the strange accounting practices were new methodologies or loopholes in GAAP Groupthink and WORLDCOM Who sets audit standards for public companies? Groupthink leading to poor judgments One More Example Which of the following is part of the fraud triangle? a) Ability b) Rationalization c) Reason d) Ignorance Which of the following is not a part of the Audit Bucket? a) Risk Assessment Procedures b) Substantive Analytical Procedures c) Substantive Tests of Transactions d) Test of Controls e) Test of Details

EDIB Audit - Template

Transcript: Equality, Diversity, Inclusion & Belonging Audit Intro Aims The purpose of the EDIB Audit is to review the recruitment journey with an EDIB lens. To ensure the <CLIENT NAME> is attracting and retaining diverse talent. An inclusive journey needs to be created to encourage candidates and colleagues to be their true selves at work Audit Audit Data Capture What systems are being used? Questions Are the questions relevant? Do they add value? Are they appropriate? Are you considering all characteristics, including Social Mobility? When is the data captured? How is the data captured? Data Capture When in the process is it captured? Call to Reason Has a compelling reason been given to the candidate to provide their data? What is the purpose of the data capture? What will the data be used for? Systems Review Systems Review of systems to check for: Accessibility tools Ease of use Potential barriers Candidate experience Angard, NFCC Job Descriptions Job Descriptions and Adverts Review a sample of job Descriptions and adverts Check for at least 5 kinds of unconscious bias Highlight any vague language or use of jargon SEO improvements for high ranking job postings on Google Review the length of adverts Highlight the ratio between "we" and "you" - supports attractiveness Analyse the structure of adverts between bullets and paragraphs Process Review Process Review of the following processes: CV Review Interview arrangement Interview process Offer process Onboarding Reasonable adjustments Communication Comms Review of all communication, to include: Candidate rejection Request for adjustments Interview confirmation Interview preparation guidance Interview feedback Offer confirmation Onboarding communication Reporting Review of reporting: What reporting is required? How is it reported? How to use the data to highlight areas of improvement Reporting Findings Audit Findings Data Capture Data Capture Systems Systems Job Descriptions Job Descriptions and Adverts Process Process Comms Communication Reporting Reporting Recommendations Recommendations Data Data Review Candidate Experience Candidate Experience Factoids 1 Little Known Facts Factoids 2 Little Known Facts Reporting Proposal Idea 1 Idea 2 Idea 3 Success What does success look like? Increase in hires from underpresentend groups More diverse applications being received Higher level of engagment in data capture Next Steps Next steps Step 2 Step 3 Step 4 Step 1

Network Security Audit

Transcript: Components of Network Infrastructure Network Security Audit Software Evaluation Hardware Assessment Software evaluation focuses on operational systems and applications in use within the network. Ensuring that software is up-to-date with security patches is vital, as vulnerabilities in outdated software are common entry points for cyber threats. Evaluating hardware involves examining routers, switches, and firewalls to ensure they function optimally and securely. Outdated or improperly configured devices can serve as gateways for attacks, making physical security and performance crucial aspects of network integrity. User Access Analysis Security Protocols Review User access analysis evaluates who has access to the network and what permissions they hold. Proper management ensures that only authorized personnel can access sensitive information, helping to mitigate internal threats and maintain compliance with security policies. Reviewing security protocols involves assessing the measures in place to protect data integrity and confidentiality. This includes protocols such as VPNs, firewalls, and encryption methods, which are fundamental in safeguarding network communications against unauthorized access. Identifying Vulnerabilities Common Network Vulnerabilities Identifying common vulnerabilities, such as outdated software, misconfigured hardware, and weak passwords, is vital. These weaknesses can lead to unauthorized access and data breaches, making regular assessments crucial to network security. A Comprehensive Review of Network Infrastructure to Identify Vulnerabilities and Risks Risk Assessment Techniques Effective risk assessment techniques, including qualitative and quantitative methods, help evaluate potential risks associated with identified vulnerabilities. These techniques assist organizations in prioritizing risks and allocating resources to mitigate them effectively. Penetration Testing Penetration testing simulates cyber-attacks, allowing organizations to uncover security weaknesses before malicious actors can exploit them. Regular testing provides insights into the effectiveness of security measures and highlights areas for improvement. Understanding Security Risks What is Threat Analysis? Identifying Common Threats Common threats to network security include malware, phishing attacks, insider threats, and denial of service (DoS) attacks. Understanding these threats allows organizations to implement targeted security measures and protect their infrastructure. Threat analysis involves identifying and assessing potential threats that could compromise the network's security. This process helps prioritize risks, enabling organizations to allocate resources effectively and mitigate identified threats. Impact of Security Breaches Financial Implications of Breaches Security breaches can result in severe consequences, including data loss, financial loss, and reputational damage. Organizations may face legal implications and increased scrutiny from regulatory bodies in the event of a data breach. The average cost of a data breach can exceed millions of dollars, considering factors such as recovery expenses, legal fees, and lost business opportunities. Investing in robust security measures can be far less expensive than dealing with breach fallout. Compliance Considerations Compliance with industry standards and regulations such as GDPR, HIPAA, and PCI-DSS is critical for organizations handling sensitive data. Non-compliance can lead to hefty fines and increased vulnerability to security breaches. Introduction to Network Security Audit Definition of Network Audit A network audit is a comprehensive evaluation of hardware, software, security protocols, and access controls within an organization's network. This process identifies vulnerabilities and security risks, ensuring a robust defense against potential breaches. Objectives of the Audit The primary objectives of a network security audit are to identify vulnerabilities, evaluate risk levels, and recommend improvements. This proactive approach enables organizations to minimize potential security breaches and comply with regulatory requirements. Importance of Network Security Recommendations for Improvement Network security safeguards sensitive information against unauthorized access and cyber threats. By regularly auditing the network, organizations can protect their assets and maintain customer trust in an increasingly digital world. Best Practices for Security Regular Audit Schedules Adopt multi-factor authentication, regularly update software, and apply strict access controls. Regularly review network configurations and stay informed on emerging security threats to enhance your security posture. Training and Awareness Programs Implementation of Security Policies Conducting regular audits is essential in identifying vulnerabilities before they can be exploited. Schedule audits annually or biannually, adjusting frequency based on the organization’s specific

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