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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

Network Audit

Transcript: Focus:West Publishing The Critical Areas By Scott Raff and Damon Isaac Security Assessment

Audit Presentation

Transcript: Wells Fargo Where was the Internal Audit? Fraud Triangle Incentives Incentives 1 Evoked verbatim by the Consumer Financial Protection Bureau (CFPB) statement, "Spurred by sales targets and compensation incentives, employees boosted sales figures..." Opportunity 2 Opportunity Bankers at even the lowest level were apparently empowered to: Covertly open accounts Transfer funds without authorization or consent Rationalization 3 Rationalization It becomes quickly apparent from the scale of this failure that there was a pervasive workplace culture permitting this behavior. 5,300 people lost their jobs, 2% of Wells Fargo's workforce. (This wasn't some isolated incident) Non-ironic quote from CEO during all of this, “Our entire culture is centered on doing what is right for our customers.” Do you think the internal auditors intentionally failed to detect this? Question: The Question

Audit Presentation

Transcript: Computer-Assisted Audit Tools and Techniques Application Control APPLICATION CONTROL INPUR CONTROL Source document controls Data coding controls Batch controls Validation Controls Input error correction Generalized data input systems INPUT CONTROL PROCESSING CONTROL OUTPUT CONTROL Testing Computer Application Computer-Assisted Audit Tools and Techniques

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

social network audit

Transcript: Introduction to social network Audit criteria The importance of social network audit (cont) Create procedure manual Data security system Control usage of social network Password Management Phishing Walk through Introduction to Social network Identity network Creative network Collaboration network Interested network Gaming network P2P Facebook Auditing The importance of social network audits Social Network Audit Do you have any question ? See the attached file The importance of social network audit INT641 IT control and audit The 6 type of social network These 5 topic to ensure the social network Facebook auditing Testing the system Social network risk Risk assessment and control risk Understand the process

Health Network Communication Presentation Template

Transcript: body title Title body body body Title Title subtitle subtitle Title subtitle body Title body You’re all signed up! Wait for text or email updates! SLIDE 10 subtitle body body subtitle body body subtitle body title subtitle subtitle subtitle body Title body body Title subtitle subtitle subtitle subtitle Title body body subtitle Title subtitle Title body Title subtitle subtitle body body body title body Title body Subtitle Title Title body Title subtitle Title body Title body body subtitle SLIDE 4 subtitle body body Title subtitle Title Title body subtitle subtitle subtitle body body

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