The Value of Social Networks for Auditors

This seems to be a question that is floating around the online professional audit community and I thought it would be useful to provide my insight based on my experiences.

I have found LinkedIn to be a very effective tool for networking, getting answers, fostering communication through discussions and sharing. I have found subject matter experts to develop audit work programs and monographs. The network is continually growing and each new member brings their unique skill set to the table to help others. The Google group (http://groups.google.com/group/auditnet/) has attracted a lot of members but no discussions as of yet. I have found the blogs to be good as far as posting but have not seen much feedback. No activity on the Yahoo group (http://finance.groups.yahoo.com/group/auditnet/) but I have not been actively promoting it. I have also created a new networking group in Ning (http://auditnet.ning.com). I hope that by positioning a number of options that auditors will sign up and communicate as I expected when I built AuditNet in the early 1990's.

Twitter is another story as it is a combination of microblogging and instant messaging; a concept that is entirely foreign to our generation but common with the younger set. I anticipate as new auditors enter the scene they will be comfortable with this method of communicating and will use it to network with other peers.I have found an isauditor who posts a new tool a day on Twitter and look forward to more of this happening. I remember when I wrote the article for The Internal Auditor in 1993 on Establishing an Online Information Network for Auditors (AuditNet) there were very few professionals using email and even less that could conceive of a hypertext application that would be useful for auditors. I see a great deal of synergy in this new social networking environment that could be harnessed for the benefit of auditors in the same way that AuditNet was built in the 90's. I agree there is a lot of drivel in the Tweets posted but if we get the right mix of people in a Tweet for Auditors Network we could find a new way of progress through sharing.

I would love to hear your comments and feedback on the value of social networks for auditors.

Jim

AuditNet® - RuleSphere Launch Industry First GRC Requirements Initiative

FOR IMMEDIATE RELEASE:
CONTACT:James KaplanAuditNet LLC
auditnet@gmail.com
www.AuditNet.org

Vienna, VA May 6, 2009 — Today, AuditNet® and RuleSphere International announced the launch of the first Governance Risk Compliance (GRC) industry initiative that will leverage and promote the well-proven process of Requirements Management to assist companies with a granular approach to sustaining compliance, managing risks, and designing and deploying internal controls. Under the terms of this global program both firms will work together over five years to release GRC requirements groupings for specific industries, regulatory mandates, processes, and enterprise functions. Requirements addressing audit management for the pharmaceutical and retail industries are scheduled for release in Q3 and Q4 2009. Other requirements groupings will follow based on customer priorities and interests.

“AuditNet will offer its premium subscribers an optional service where they will be able to access, manage, and add requirements to the base requirements that we release,” commented James Kaplan, CEO of AuditNet. “They will use RuleSphere’s Requirements Central Software-as-a-Service (SaaS) platform to categorize and assign requirements, produce requirement baselines, document issues, set priorities, develop use cases, produce elegant reports and a number of other management functions. The subscriber can start with one person and add individuals as needed. Subscription terms and pricing will be announced in Q3, 2009 for pharmaceutical and retail audit management.”
For additional information contact:James KaplanAuditNet LLCauditnet@gmail.com
www.AuditNet.org

Phil WilsonRuleSphere International, Inc.1(877)438-0742info@RuleSphere.com
www.RuleSphere.com

Using Social Networking for Professionals

The Internet is an incredible source of networking capabilities for professionals auditors and accountants. Over the last year I have been building a networking tool using LinkedIn which has proven to be an effective and efficient way to reach out to peers, demonstrate expertise, answer questions and more. The LinkedIn Professional Audit Information Network (http://www.linkedin.com/e/gis/44252/7B41D7082F9A) now has about 2,700 members. Recruiters are not permitted so the only postings are by professionals looking for answers, sharing opportunities for training, resources and more.

LinkedIn is not the only social networking tool for auditors. I am looking at Twitter http://twitter.com/auditnet and other tools to see how we can ensure that the audit "world is flat" and that we are all maximizing technology to further our profession.

If you have suggestions on how we can improve our communication lines using social networking or stories, benefits or other information please contact me by posting a comment on this blog or sending an email to auditnet@gmail.com.

Thanks,

Jim Kaplan
AuditNet.org
The Global Resource for Auditors

AuditNet LLC and CCH Team Up to Provide Audit Programs to 60,000 CCH TeamMate Users Worldwide

(Vienna, VA., May 1, 2008) – AuditNet LLC (AuditNet), a leading Internet audit community and global resource for auditors today announced that it has entered into a strategic distribution agreement with Wolters Kluwer Tax and Accounting, a leading provider of information, services and software solutions serving tax, accounting and audit professionals worldwide under the CCH brand name, . Under this agreement approximately 2,000 audit programs maintained on the AuditNet Internet site will be available at no charge to CCH TeamMate (TeamMate) users in the powerful TeamMate TeamStore format.

“Internal audit professionals worldwide will benefit from this distribution agreement between CCH and AuditNet,” said AuditNet CEO and Founder, Jim Kaplan, CIA. “The mission of AuditNet is to leverage the power of the Internet to benefit the audit profession and coupling one of the largest collections of audit programs in the world with TeamMate, the Industry’s leading Audit Management tool, will drive significant efficiencies into audit departments around the world.”

Over 60,000 auditors from more than 1,500 organizations worldwide use TeamMate to increase the efficiency and productivity of the entire audit process, including risk assessment; scheduling and timekeeping; workpaper preparation and review; report generation; and audit issue tracking. Customers include Fortune 100 and Fortune 500 corporations, small- and medium-size enterprises and government agencies.

The TeamMate suite consists of five key products that can be used independently or with other components of the suite. Those products are: TeamMate EWP, electronic workpaper system; TeamCentral, audit issues tracking; TeamRisk, risk assessment tool; TeamSchedule, advanced scheduling; and TeamMate TEC, time and expense tracking.

“AuditNet is recognized as one of the premier audit resources on the Internet today and we are very pleased to enter into this agreement which will drive unprecedented efficiencies into the audit planning process,” said Mike Gowell, vice president and general manager of CCH TeamMate. “There is a tremendous amount of knowledge contained in over 10,000 audit steps on the AuditNet web site, however sifting through this document-based content can be time consuming. By making this content available in CCH TeamMate TeamStore format, TeamMate users can search across thousands of audit steps and programs to instantaneously find and import exactly those steps they need into their audit.”

About AuditNet
AuditNet is the global resource for auditors conceived and developed by Jim Kaplan, the Institute of Internal Auditor’s 2007 Bradford Cadmus Award recipient. A key feature of the site is a comprehensive library of audit documents (e-tools) including audit work programs, control questionnaires, audit checklists, and risk matrices. The document formats include Microsoft® Word, Microsoft Excel®, Adobe® PDF and plain text. These e-tools are sought after by auditors across industry type in both the public and private sector. Access to the documents requires registration on the AuditNet® site. There are currently over 81,000 registered users for the AuditNet® e-tools.

About Wolters Kluwer Tax and Accounting
Wolters Kluwer Tax and Accounting, a unit of Wolters Kluwer, is a leading provider of tax, accounting and audit research and compliance information, services and software solutions. Serving professionals worldwide, Wolters Kluwer Tax and Accounting operates in the market as CCH, a Wolters Kluwer business. CCH has served tax, accounting and business professionals and their clients since 1913.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,544 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit http://www.wolterskluwer.com/.
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Exciting Changes in Auditing

Recently a question was posted in the Auditing Section of LinkedIn regarding what are considered exciting changes in auditing. As usual the subject matter prompted me to post the following response:

In my opinion the following represents some of the key exciting changes in the audit industry:

1. The Internet has provided auditors with research capabilities that have not been fully realized. Service provider consolidations have improved the types of resources and tools available which greatly benefits small and medium internal audit functions. Internal auditors can now tap into templates for the audit process 24/7/365. The global audit network is available to answer questions and share information at a level never before experienced.

2. Business failures and the resulting mandated legislation such as Sarbanes-Oxley have highlighted the importance of internal controls and accountability for all organizations. These have cast internal audit in a new light that has raised the status and recognition of the function as a key component of the risk management system within organizations. While the legislation was directed at large publicly traded corporations the effects have filtered down to small and medium size companies, not for profits, and governmental entities.

3. There are more opportunities for jobs and career advancement in auditing than ever before. According to the Occupational Outlook Handbook; Strong growth of accountants and auditor jobs over the 2006-16 decade is expected to result from stricter accounting and auditing regulations, along with an expanding economy. The best job prospects will be for accountants and auditors who have a college degree or any certification, …

4. There still seems to be an emphasis within the higher education system to direct students to public accounting rather than internal auditing. Internal audit practitioners should get involved in teaching a future generation of auditors that the public accounting and CPA track may not be for everyone and that there are other options. A greater emphasis needs to be placed on fostering integrated auditors that are comfortable with available and developing CAATTs.

Jim Kaplan AuditNet.org The Global Resource for Auditors

Links:
http://www.auditnet.org
http://www.theiia.org
http://www.bls.gov/oco/ocos001.htm

Following is the link to the question as well as other responses:
http://www.linkedin.com/answers/finance-accounting/auditing/FIN_AUD/209291-15092191

If you would like to comment on what you feel are exciting changes in auditing please respond either here or via the LinkedIn Answers section. (btw this is another example of ways for auditors to use the Internet).