Quick recoveries: auditors can play a role in ensuring that client's disaster recovery plans are adequate - and affordable

Article Abstract:

Auditors have a vital role to play in assessing the adequacy of the disaster recovery plans of their clients or in ensuring that their clients have such an emergency planning to speak of. In doing their roles, auditors should convince their clients that certain myths about disaster recovery planning are not true. These myths hold that clients do not have anything critical on their systems, that disaster recovery planning is an information systems matter, that it takes time and is expensive, that probabilities of disaster are so small that a plan is not needed, and that equipment is always available.

Methods, Emergency management, Emergency preparedness, Disaster recovery (Computers)

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Auditing derivative financial statements

Article Abstract:

Derivatives pose a major challenge to auditors because their value changes with shifts in market rates and indices. Auditors need to understand how to treat derivatives to ensure that they are properly recorded in corporate financial statements. They should determine the extent to which derivatives affect the auditing process for financial statements. In addition, they should ensure that the audit staff has an appropriate understanding about the impact of such financial instruments on the auditing procedures.

Accounting and auditing, Derivatives (Financial instruments)

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Rest assured

Article Abstract:

The lesser demand for audited financial statement and the federal decision to remove the audit requirement from large corporations prompted the profession to introduce new assurance services. The move aims to retain its role of providing reliable independent review of financial statements. CA WebTrust is the representative technology that allows auditors to conduct an Internet- based audit. Auditors, however, should carefully choose their clients to avoid recommending unstable web sites.

Services, Cover Story, Auditing, Technology application, Accounting firms, Accounting services

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