KnowledgeLeader Blog

Popular This Week: Business Continuity/Disaster Recovery Program Assessment Report and more!

Posted by Protiviti KnowledgeLeader on Wed, Jan 02, 2019 @ 06:21 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from December 17-21! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

"" 1. Business Continuity/Disaster Recovery Program Assessment Report

Protiviti and North Carolina State University’s ERM Initiative are pleased to provide this report focusing on the top risks currently on the minds of global boards of directors and executives. This report contains results from our seventh annual risk survey of directors and executives to obtain their views on the extent to which a broad collection of risks is likely to affect their organizations over the next year.


2. Fraud: Internal Audit's Role in Detection and Prevention

The objectives of this guide are to raise awareness about internal audit’s responsibilities related to fraud detection and prevention, to help auditors recognize fraud red flags, and to highlight basic fraud audit techniques. In addition to covering a variety of fraud audit topics, this guide also outlines an anti-fraud program based on the three principal lines of defense, wherein the first line includes a code of conduct and business ethics policies, the second line includes an internal control structure, and the third line includes internal audit activities. 


3. AR and Cash Application Process Flow

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.




4. Inventory Policy

This policy outlines guidelines and accounting policies to ensure that inventory is properly controlled and costed, and losses or shortages are prevented. It applies to all inventory items, including raw materials/parts, work in progress, and finished goods and consigned inventory. The procedures focus on inventory valuation, slow moving and excess inventory/reserves, reconciliation of perpetual inventory, physical inventory, consigned inventory, scrap, intercompany transfers, and capitalized cost.

In this sample, inventories are stated at the lower of cost or market. The valuation method for each item of inventory shall remain consistent from one accounting period to the next accounting period.




5. Human Resources (HR) Process and Compliance Audit Report

The objectives of this audit report are to obtain an overall, high-level understanding of the accounts payable process and related functions; evaluate the adequacy and effectiveness of key internal controls and overall operational effectiveness related to the accounts payable and disbursements process; assess the existence and adequacy of policies and procedures; and identify opportunities for process and control improvement.

Topics: KnowledgeLeader tools, weekly top 5

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