Why Internal Audit Should Oversee Trademark Licensing Audits

There are several reasons why IA should oversee trademark licensing audits.  So why is co-sourcing for trademark licensing audits left to others?  IA leaders must communicate the organizational necessity of their contracting and overseeing the trademark licensing program.

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Risk Assessment of the Trademark Licensing Process

Trademark licensing requires a sub-assessment of risk using a different process due to the inclusion of many business partners, the reliance on accurate data reported from external parties using their systems, and the characteristics of the agreements.

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Does Internal Audit Devote Enough Resources to Managerial Accounting?

Management accounting helps management to discern between value-added activities and those activities that do not add value.  Financial accounting only concerns proper classification of the expenditures related to either activity type.  While it is certainly helpful to understand the cost of activities, it is much more important to identify and eliminate wasteful activities.

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Why Trademark Licensing Audits Must Be an Integral Part of the Internal Audit Plan

Financial and audit management, as well as audit committee members, must ensure there are appropriate resources devoted to trademark licensing audits (licensor) and to trademark licensing accounting (licensors and licensees) in the internal audit plan.

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Takeaways from 38th World Continuous Auditing and Reporting Symposium

I attended the Rutgers Business School 38th World Continuous Auditing and Reporting Symposium on November 4th & 5th 2016 on the Rutgers campus in Newark, NJ. This was the 4th of these symposiums I’ve attended and all were very worthwhile. The symposium was once again sold out and there were attendees watching the webcast from all around the world. These are my takeways from the two days. I invite comments from other attendees or the presenters to correct any errors and add information you feel is important that I left out.

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Do You Have Active Software Escrow Agreements in Place for All Mission Critical Software?

Now is a good time to specify your active escrow requirements. Make these requirements a non-negotiable condition of all new software licenses or cloud software subscription. Inventory all existing business critical software licenses/subscriptions and ensure that active escrow is a part of these agreements. Over time, bring these existing agreements into compliance with your new escrow requirements.

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Why Does the Adoption of Technologies for Compliance Activities Lag?

The adoption of technology by finance functions has been slow but has accelerated in the recent past. Enterprise performance management (EPM) tools like hostanalytics, financial controls automation like Blackline, and general ledger/ERP solutions like Net Suite are gaining acceptance. So why is it that approximately 80% of public companies continue to use Microsoft Office (Word & Excel) for their financial compliance (e.g., COSO, SOX, MAR) programs?

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Can Internal Controls Help Avoid Corporate Scandals?

A comprehensive objective-setting process with monitoring will significantly reduce the risk of a corporate scandal. Including all aspects of objectives and related risks within the internal control framework at your organization is an excellent way to leveraging compliance to protect your organization from scandal.

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Mitigating Risks Arising from the Boomer “Brain Drain”

The demographics are alarming. Hopefully alarming enough that leaders come our way to help mitigate the risk that significant portions of the collective organizational intelligence walks out the door in the next decade. We need to seize this opportunity to fix what we have always known to be a gaping hole in internal controls; the lack of truly integrated, practiced and demonstrated P&P.

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