The Wilmington Group serves clients in a variety of industries including: Accounting & Finance, Information Technology, Pharmaceutical, Biotech, Healthcare, Consumer Packaged Goods, Chemicals, Marketing and Legal.
The Wilmington Group is an international management consulting and executive search firm. We unite our clients with the leading accounting and finance talent including CFO, Director of Finance, Controller or Accounting Managers. We also have a strong concentration within Accounting Services such as Internal and External Audit and Tax specialties. Our philosophy is to approach each of our assignments as an investment to our future and our client's future. We partner with companies of all sizes, private or public, and make it our goal to understand their industry, culture and needs.
The Wilmington Group has a diverse team of professionals specializing in the Accounting/Finance, Life Sciences, Interactive Media, Legal, Interim-Executive Consulting, IT, Construction, Healthcare, Manufacturing, Consumer Packaged Goods, Chemicals, Sales & Marketing and Aerospace/Aviation industries.
Interviews are a Two-way Street
In a time of constant change, staying competitive is more crucial than ever before. Whether you are a candidate competing for a position or an employer trying to identify top talent, it’s important to remember that the evaluation process swings both ways. Always be cognizant of your competition no matter which side you are on.
Candidates are focused on . . .
• Is the company planned and organized? Have they provided a detailed agenda?
• Is the company environment professional and inviting?
• Did their interview team conduct themselves professionally?
• Was I greeted at the door and escorted around the office with each meeting?
• Did I feel like the company was rushing through my interview?
• Did the company provide strong selling points about their organization and culture?
• How stable is the organization given current market conditions?
• What long-term growth opportunities can the company offer me?
• Do they provide their employees a solid health benefits plan?
• Has this company been timely with feedback on my resume and all interviews up to this point?
Employers are focused on . . .
• Did the candidate arrive on time and was their attire professional?
• Did they research our organization and ask solid questions?
• Did they have strong communication skills and answer the questions completely?
• Does this candidate offer stability?
• How strong is their career progression?
• What motivated them to make these changes throughout their career?
• What true value (Return On Investment) can this individual bring to our organization?
• Is this candidate committed to making a timely decision if presented an offer?
• Will this candidate be a strong match with our core values and company culture?
TASK FORCE IDENTIFIES 21 PRACTICAL POINTERS FOR PUBLIC COMPANY AUDITORS
Feb. 16, 2009 (SmartPros) — The Center for Audit Quality (CAQ) has issued a new reference source for public company auditors that provides lessons learned from integrated audits of internal control over financial reporting (ICFR).
CAQ Lessons Learned – Performing an Audit of Internal Control in an Integrated Audit” identified 21 practical insights for auditors:
1. Take advantage of the company’s internal control evaluation process and documentation, where practical, in connection with financial statement audits performed in years prior to the first integrated audit.
2. Early and frequent communication and coordination between management and the external auditors create a more effective and efficient audit process.
3. Coordinate with management regarding the timing of its work to enable the auditor to utilize management’s work to the extent permitted by PCAOB standards.
4. Early in the process identify and assess those risks and controls that may have a pervasive impact on the assessment and effectiveness of ICFR.
5. Consider the implications of any unremediated deficiencies.
6. Plan the audit of ICFR and the audit of the financial statements as a single integrated audit.
7. Where appropriate, plan to employ a controls reliance approach in the first year of the required Section 404(b) audit of ICFR.
8. Consider what audit procedures could meet the objectives of both substantive testing and internal control testing. Where practical, perform the internal control tests in conjunction with the substantive tests in those areas.
9. Substantive tests, the risk assessment process, as well as knowledge obtained from prior audits or reviews of interim financial information inform the auditor with respect to the risks related to internal control (which can affect the nature, timing and extent of tests of controls) and the auditor’s conclusions related to the effectiveness of internal control.
10. Coordinate the planning and performance of the internal control tests and substantive tests among the persons performing the work.
11. Because of the additional complexities in planning and executing an integrated audit, it is important to have experienced members of the engagement team, including specialists, involved at an early stage and for such members to remain close to the engagement as it progresses.
12. Due to the learning curve associated with implementing the ICFR audit requirement, involve auditors with previous experience auditing internal control or auditors who have been trained specifically on performing integrated audits.
13. Apply the top-down, risk-based approach set forth in AS 5 by starting at the financial statement level to effectively and efficiently identify significant accounts and disclosures, and their relevant assertions.
14. The more refined the risk assessment is, the more the audit approach can be tailored based on the assessed risks.
15. Different combinations of procedures, including walkthroughs, can be performed to achieve the required objectives discussed in AS 5 paragraph 34 in an effective and efficient manner.
16. The significance, extent, and complexity of IT applications, and their supporting general IT control environment, influence the identification of material risks to reliable financial reporting.
17. Apply a top-down approach, beginning with the identification of entity-level controls, to identify the controls that are necessary to sufficiently address the assessed risk of misstatement to each relevant assertion (i.e., controls that are important to the audit).
18. Maximize the opportunities for using the work of others.
19. Vary the nature, timing, and extent of testing of identified controls based upon the risk associated with a control.
20. Testing controls at an interim date may improve the effectiveness and efficiency of the integrated audit by spreading the auditor’s effort out over the fiscal year and increasing the opportunity to identify control deficiencies at an earlier date.
21. When a control’s design is determined to be ineffective, it is not necessary to test the operating effectiveness of the control. Similarly, once the auditor has sufficient evidence to conclude an effectively designed control did not operate effectively, the auditor may cease testing that control.
