Wen Ting Lu

I really like the “AUDITOR” you brought up. I can’t agree with you more that in order to become a successful auditor all of the characteristics must be meet. On top of being able to communicate with the clients and build up trust with them, it’s also important for the auditor to be independence. Auditor independence refers to the independence of…[Read more]

Thanks for sharing Darin.
I agree with both Yulun and Blake, I also think that getting the right people looking at the data is the most important one out of seven recommendations. We analyze the data collected to make decisions, therefore it’s very critical that we have someone who understands the data and is able to make decisions that will…[Read more]

Thanks for sharing this interesting article!
I think this is a really fascinating APP! Just out of curiosity I would give this app a try.
It’s amazing that this new technology is able to analyze the information collected and provide the consumer with a custom clothing. However, just be analyze the information collected in one week might not…[Read more]

There are many factors that could influence the actual cost of implementation
– the company’s industry
-the size of the company
companies should expect to pay around $4,000 per concurrent user for a manufacturing or complex distribution company and around $2,000 per concurrent user for a professional services or light distribution company.…[Read more]

You are correct. There are many benefits of automated controls. However, there are also challenges when automated controls implemented. For example, there might be resource constraints, insufficient knowledge of GRC-enabled technology, and automated controls might increased short-term audit costs, risk of false controls reporting. Also, there is…[Read more]

I agree with you! Chambers said, ” “If you want to be successful, you have to be willing to invest in yourself,” Nonstop curiosity helps even the most experienced auditors gain new insight. As business needs shift, professionals should be proactive about developing new areas of expertise. In order to build up reputation and maintain a good eth…[Read more]

I agree with you that interpersonal skills are very important. Especially for auditors, strong communication skill is a must. Concise, compelling reports are part of communication skill, as well as the ability to listen and to know the best format in which to present information. Also, have an open mind and be willing to accept perspectives from…[Read more]

3. A person’s character is very crucial in the audit industry. How would you build your reputation and maintain a good ethical character in this industry?

Integrity is very important in any business setting. Internal auditors need to be trustworthy but also have confidence and resilience when faced with complex problems. Credibility must be b…[Read more]

2. In the Real World Control Failures we’ve reviewed, describe the character of the leaders involved. Is it a root of the control failures?

The real world control failures project I did was on JDA software group. JDA lacked adequate revenue recognition policies and procedures and failed to identify all service-related contracts needed for v…[Read more]

1. How much of automated controls should be desired? Is it beneficial to consider controls at the initial design phase or controls are introduced as and when needs arise?

There are lots of benefits for business to implement automated controls. Automated control reduces cost of controls, research and avoidance. Also, it lowers the cost of audit,…[Read more]

Hi, Said

Very thoughtful comment. You are right that some employees will probably take the advantage of flows of the system they learned from the training and apply that to commit fraud. However, I think there are more pros than cons to implement SAP training for employees. If I were an employee working with SAP or other ERP systems, I will…[Read more]

I agree with you ! It’s important for an organization to follow rules and regulation compliances. For example, five top regulatory compliance concerns for financial services are:
1. USA Patriot Act
2. Comprehensive Capital Analysis and Review (CCAR)
3. Financial Industry Regulatory Authority (FINRA)
4. Consumer Financial Protection Bureau…[Read more]

Yu Ming, very nice points!

Enterprise mobility is the trend toward a shift in work habits, with more employees working out of the office and using mobile devices and cloud services to perform business tasks. However, enterprise mobility can improve employee productivity, but it also creates security risks. It is very important to have…[Read more]

It’s interesting that you targeted this problem from both the perspectives of large size companies and smaller size companies. I believe the cost of implementing a compliance control is higher than the benefit obtained when an organization does not implement adequate control. As you mentioned in the Enron example, obviously there were controls…[Read more]

Source: https://www.linkedin.com/pulse/why-oracle-sap-finally-improving-usability-carlos-l-aguilar

The ERP systems market is very competitive. What should SAP and other ERP systems providers be focusing on to make their systems more competitive in the future?

In order to make SAP and other ERP systems providers be more competitive in the future, they must focusing on to make their systems more “user-friendly”. It should be easy use for bot…[Read more]

3. When is the cost of implementing a compliance control higher than the benefit obtained? What should an organization do to ensure efficiency and profitability?

The cost of implementing a compliance control is higher than the benefit obtained when an organization does not implement adequate control. Efficiency is the ratio of the output to…[Read more]