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Popular This Week: HR Compliance Process Flow and more!

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

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


1. HR Compliance Process Flow

This flowchart defines the steps an organization can take to implement an HR compliance process. Steps outlined in this process include: develop and distribute standards of conduct for compliance and integrity to employees; research what HR laws are applicable to the organization and what actions need to be taken; ensure that signed documents are approved by an independent manager and archived; and verify that all areas are in compliance.


2. 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.




3. 2019 Internal Audit Capabilities and Needs Survey

The results of our 2019 Internal Audit Capabilities and Needs Survey, in which we take an in-depth look at the adoption of next-generation internal audit competencies such as agile auditing, artificial intelligence, machine learning, robotic process automation and continuous monitoring, among many others, provide a detailed assessment of how internal audit groups are progressing on their next-generation journeys.

It’s encouraging to see that most internal audit functions have launched innovation and transformation activities, starting their next-generation journeys. However, more substantive progress is needed in several areas if early-stage next-generation internal audit models are to mature and fulfill their massive potential.




4. Fraud Prevention Process: Debit and Credit Card Transactions Audit Work Program

This audit work program identifies and evaluates the effectiveness of a debit and credit card service provider’s fraud prevention process. It views the reports utilized to monitor fraudulent activities involving debit and credit cards and system settings intended to identify potentially fraudulent transactions. 

Before completing this audit report, it may be helpful to obtain the following documentation: an organizational chart for the audited department, any policies and procedures for the fraud department and any other departments involved in fraud prevention/detection, and a list of standard system settings.





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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