KnowledgeLeader Blog

The Best of KnowledgeLeader: January Edition

Posted by Protiviti KnowledgeLeader on Thu, Mar 01, 2018 @ 09:00 AM


In case you missed them, these were the five most popular tools and publications on KnowledgeLeader in January:

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1. Internal Audit Risk Assessment Questionnaire

Internal audit performs this risk assessment to identify and prioritize key risks to best allocate the internal audit resources for the next year. This risk-based approach is focused on surveys/interviews of a cross-section of management personnel to solicit input from the potential customers of an internal audit function. The output from the surveys and interviews can be used to develop an audit plan that creates broad coverage through a blend of internal audits, control self-assessment and targeted external audit coverage.

 

 

 

 

 

 

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2. Internal Controls Checklist

 This checklist sample provides a list of items to consider when assessing internal controls for common business processes.

It focuses on accounts receivable and sales controls, accounts payable controls, accrued liabilities and other expenses controls, cash disbursement controls, cash funds controls, cash receipts controls, general accounting controls, fixed-assets controls, intangibles controls, inventory and cost of sales controls, investments controls, long-term liabilities controls, notes receivable controls, payroll controls, prepaid expenses and deferred charges, and shareholders’ equity controls.

 

 

 

 

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3. AR and Cash Application Process Flow

 Cash application is a process relating to accounts receivable (AR), where incoming payments are applied to the corresponding customer invoice. Whether it is a cash or wire (EFT) payment, a monthly bank reconciliation is performed by the accounts payable (AP) assistant and the AR assistant within two days of month-end. It is then reviewed, signed off and filed by the financial controller. 

This document can be used as a general guide to understand and review the AR and cash application process. Organizations should continuously update and monitor the processes included in this document to ensure that they accurately reflect business operations. 

 

 

 

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4. Internal Audit Planning Memorandum

This memo captures all details for planning an internal audit, such as the internal audit team members’ names and roles, duration of the internal audit, location of the internal audit, company business hours, key contacts, internal audit scope and approach, deliverables, high-level work program, and high-level work schedule.

This memorandum should be completed as part of the initial audit planning process and is meant to enhance audit efficiency.

 

 

 

 

 

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5. Director of IT Project Management Job Description

This job description outlines the responsibilities, key selection criteria, and general information for the role of the director of IT project management.

The director of the project management office (PMO) is responsible for the overall project management function, providing leadership, coordination and management of the PMO processes and functions. The role serves as a conduit for communication between project managers and the IT executives who make the strategic decisions for those projects. The director of PMO supervises the team that provides project management support functions and administrative support to project managers.

 

 

 

Topics: KnowledgeLeader articles, KnowledgeLeader tools, KL top five

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