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Guide to Managing Large-Scale Business Projects

Posted by Protiviti KnowledgeLeader on Thu, Aug 10, 2017 @ 03:24 PM

It seems like everybody is wearing a lot more hats these days and finance leaders are no exception. Of course, this means that they are finding it increasingly difficult to balance the multitude of responsibilities and non-routine initiatives facing the finance function.

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Topics: performance management, project management, performance measurement, ERP, accounting/finance, change management

Close-the-Books Guide: Reduce Financial Close Risk and Maximize Efficiency

Posted by Protiviti KnowledgeLeader on Fri, Aug 04, 2017 @ 07:30 AM

A fast, close-the-books process provides multiple benefits for the finance function and for the company. First, a fast close process creates more time for finance professionals to focus on strategic activities for the company, such as identifying warnings in financial data and providing the corporation's financial direction. It also reduces the cost of the finance function, since fewer hours are needed to close the books. And it demonstrates that the company's controls and systems are well organized; the company sends the message to its competitors and to the investment community that it is expert at performing business processes.

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Topics: performance management, risk assessment, performance measurement, accounting/finance, financial reporting, close the books

Inventory Management Sample Process Interview Questions

Posted by Protiviti KnowledgeLeader on Fri, Jul 28, 2017 @ 08:23 AM

This extensive list of questions can be asked during an interview for an inventory audit.

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Topics: supply chain, vendor management, accounting/finance, accounts payable, inventory management, materials management

The Best of KnowledgeLeader: Q2 2017

Posted by Protiviti KnowledgeLeader on Fri, Jul 21, 2017 @ 04:44 PM

In case you missed them, these were the ten most popular tools and publications on KnowledgeLeader last quarter:

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Topics: KnowledgeLeader tools, KL Top Ten

Electronic Discovery Risks, Challenges and Procedures

Posted by Protiviti KnowledgeLeader on Mon, Jul 17, 2017 @ 09:10 AM

Electronic discovery (eDiscovery) refers to the process of searching, locating and securing electronic data for the purpose of using it as evidence in a legal case.

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Topics: laws & regulations, IT audit, IT security, IT controls, investigations/forensics, eDiscovery

What is IT Performance Risk?

Posted by Protiviti KnowledgeLeader on Fri, Dec 14, 2012 @ 02:59 PM

Performance is defined as the throughput of business transactions compared to user needs, expectations or requirements. IT performance risk is the risk that a company’s IT infrastructure will be unable to perform at required levels due to inferior internal operating practices, technology and/or external relationships that threaten the demand for the organization's products or services.

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What is Involved in "Closing the Books"

Posted by Protiviti KnowledgeLeader on Wed, Dec 12, 2012 @ 02:57 PM

Leading companies have taken advantage of recent innovations in technology and process design to ease the burden imposed by the financial close and reporting process. Regrettably, many companies continue to rely on inefficient processes plagued by decentralization, aging technology and over reliance on manual activities. The end result includes an extensive close cycle time, inadequate analysis of results, high turnover and costly errors in reporting. Migration to the next plateau of maturity – “closing the books” completely and efficiently – is typically not an easy leap. This is understandable in high-growth scenarios, where already–scarce time is focused on increasing revenues, expanding operations and integrating new business units.

Reluctance to resolve these issues is generally attributed to one or more common culprits – budgetary constraints, cultural adversity to change, and lack of resources. Often left unaddressed – “we’ll focus on the close process after the IPO…” – these issues are heightened with the increasing scrutiny and reporting requirements that come with being a public company. It can easily be carried over into the public environment, escalating the severity of the risks and limiting the ability of finance to focus its time on value-adding activities. 

Our experience shows that significant risk mitigation can be achieved by building (and managing against) a detailed close activity checklist. Pre-IPO and newly public companies have the most to gain, as they can least afford to have a bumpy ride on the road to their first filings.


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What Are the International Finance Reporting Standards?

Posted by Protiviti KnowledgeLeader on Fri, Dec 07, 2012 @ 02:54 PM

International Financial Reporting Standards (IFRS) are accounting standards and interpretations adopted by the International Accounting Standards Board (IASB). They include IFRS issued by the IASB since its formation on July 1, 2000, and International Accounting Standards (IAS) previously issued by the International Accounting Standards Committee (IASC) and adopted by the IASB upon its formation.

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Topics: IFRS

Business Continuity Planning and Disaster Recovery: Lessons Learned from Recent Disasters

Posted by Protiviti KnowledgeLeader on Mon, Dec 03, 2012 @ 10:30 AM

Well thought out business continuity plans help organizations minimize the risks of a disaster and restore vital business functions without significant detrimental effects. This article, examines the fundamentals of business continuity management (BCM) planning, while highlighting critical lessons learned from a variety of recent disasters, providing actionable steps you can take to create a customized plan.

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Potential Risks of Cloud Computing

Posted by Protiviti KnowledgeLeader on Fri, Nov 23, 2012 @ 10:43 AM

The use of cloud computing does pose risks to the enterprise; but if key risks to the business are understood and planned for from the outset, they can be managed.

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