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Popular This Week: Internal Audit Performance Measures Key Performance Indicators (KPIs) and more!

Posted by Protiviti KnowledgeLeader on Tue, Feb 26, 2019 @ 05:15 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from February 18-22! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

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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.

 

 

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2. Purchase Materials and Supplies RCM

A successful risk management strategy requires a strong internal control environment. The risk control matrix (RCM) format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation. 

 

 

 

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3. Accounts Payable RCM

A successful risk management strategy requires a strong internal control environment. The RCM format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation. 

This document outlines risks and controls common to the 5.2.1 Process Accounts Payable process in a risk control matrix (RCM) format.

 

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4. Accounts Payable Activity Questionnaire

The accounts payable function facilitates the payments for goods provided and services rendered by vendors. This questionnaire analyzes accounts payable activities by assessing the activities conducted over a three-day period. 

This sample focuses on the time spent on each activity, total invoices, total exceptions, and percentage of invoice/expenditure processed (by type). The specific tasks assessed include: enter invoices, process exceptions, file invoices, process checks, prepare check and support for approval, correct check errors, obtain check approvals, mail checks, file checks and support, process manual checks, update vendor master file, reconcile statements, answer vendor inquiries, etc.

 

 

 

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5. 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.

 

 

 

Topics: KnowledgeLeader tools, weekly top 5

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