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Popular This Week:  Internal Audit Risk Assessment Questionnaire and more!

Posted by Protiviti KnowledgeLeader on Wed, Feb 13, 2019 @ 05:15 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from February 4-8! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.


1. Internal Audit Performance Measures Key Performance Indicators (KPIs)

An effective business process is built on a set of well-defined and clearly stated business objectives. To build and continually improve an effective business process, a company establishes: key objectives to articulate the performance results the company expects from the business process, outcome measures to determine whether the company has reached the key objectives, and activity measures to monitor the performance of instrumental activities.

This tool outlines key objectives for conducting internal audits, the outcome measures associated with each objective, and the activity measures that drive each outcome measure. A link connects each outcome measure with its corresponding formula and analysis.



2. Internal Audit Risk Assessment Questionnaire

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.






3. Sales Order Cycle Review Audit Report

This sample audit report outlines a review of an organization's sales order cycle, including the quote-to-invoice process, contract operations and maintenance, the accuracy and integrity of data captured in the order management system, and the quote-to-invoice cycle time.




4. Preliminary Controls Assessment Questionnaire: Billing, Accounts Receivable, Credit and Collections

This preliminary assessment questionnaire can be presented to managers or process owners before conducting an audit of the billing, accounts receivable, credit and collections process. It is intended to help the internal audit department understand existing business processes and management's view of the internal control environment.

This questionnaire is a sample and may not be applicable to all businesses without modification.






5. The Updated COSO Internal Control Framework

In May of 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its long-awaited updated Internal Control – Integrated Framework. The New Framework is an important development; it facilitates efforts by organizations to develop cost-effective systems of internal control and supports organizations as they adapt to the increasing complexity of a changing business environment.

Companies should familiarize themselves with the New Framework, determine their transition plan, and communicate to stakeholders the release of the New Framework and its implications to the organization. In this booklet, we address various questions regarding the New Framework from COSO, including the reasons why it was updated, what has changed, the process for transitioning to its use, and steps companies should take now.


Topics: KnowledgeLeader tools, weekly top 5

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