The objectives of a business intelligence competency center (BICC) are to provide the organization with better control over operational and financial reporting, reduce reporting costs, improve consistency, and provide the organization with more complete information for management decisions. BICCs are often business-led cross-functional teams that provide organizational support and guidance for implementation and usage of business intelligence processes and technology. They can live within the IT organization, but more often are business driven.
Internal audit has started the journey toward enabling analytics in audit processes, but there’s a long road ahead. This report explains why through the key findings of Protiviti’s 2017 Internal Audit Capabilities and Needs Survey. In a digital world, now is the time for internal audit functions to embrace analytics. The results of this 2017 survey are the most significant takeaway, which shows that chief audit executives (CAEs) and internal audit professionals increasingly are leveraging analytics in the audit process, as well as for a host of continuous auditing and monitoring activities.
Risk oversight and risk management are high priorities on the agenda of most organizations. Here are popular KnowledgeLeader tools that focus on risk management:
Topics: Enterprise Risk Management
System development lifecycle (SDLC) methodology promotes and provides a controlled business environment where an orderly process takes place to minimize risk for implementing major new applications or changes to existing applications that have an urgent priority for an organization.
Cash and treasury management refers to a broad area of finance involving the collection, handling, and usage of cash and assessing market liquidity, cash flow, and investments. This process has the ultimate goal of managing the firm’s liquidity and mitigating a large variety of risks.
Internal audit performs a 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.
Sarbanes-Oxley compliance once was thought to be a relatively static, predictable process that organizations could rely on to be routine and, for the most part, static. Yet market and regulatory changes continue to make this a more dynamic process, with costs and hours continuing to rise for many organizations. The good news is that more organizations are recognizing the benefits of their compliance efforts through improved internal control structure and business processes.
Managing security and privacy for an organization is not an IT issue—it is a business issue requiring a comprehensive, risk-based approach to manage. Because of the risk and impact to the internal control environment, information security risk is an absolute must when outlining topics to address in the audit risk assessment and audit planning process.
The accounts payable process is one that both organizations and individuals can relate to. If you have bills to pay, you have entered the land of accounts payable.
Topics: Accounts Payable & Purchasing
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