KnowledgeLeader Blog

Popular This Week: Financial Close Process Capability Maturity Model (CMM) and more!

Posted by Protiviti KnowledgeLeader on Tue, Jun 18, 2019 @ 04:50 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from June 10-14! 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. 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.






3. Financial Close Process Capability Maturity Model (CMM)

This capability maturity model can be used to measure the maturity of an organization’s financial close process and to assist its progress from the initial/ad-hoc state toward the optimized state.





4. The Future Auditor Goes Digital

In a recent Protiviti white paper, we described what we call the “next-generation internal audit function.” By “next generation,” we mean a function that embraces an agile, holistic approach that focuses on governance, methodology and technology while delivering stronger assurance and more valuable insights to the business in an efficient manner. To build such a function, the future auditor acknowledges the need for change, understands the essential capabilities for effecting change and undertakes a game plan for getting started.

This issue of The Bulletin discusses the future auditor’s journey to a next-generation function.





5. Financial Close Process Questionnaire: Analyze Financial Results

This questionnaire focuses on the financial close process, specifically examining the review and analysis of consolidated financial information and business segment information. It outlines a process description, key risks, expected key controls, and key questions to ask during this process review.

Sample questions include: Who is responsible for completing financial analysis? Who has access to change/update financial analysis? What is the timeframe for completing the financial analysis process? What is the ultimate deadline? Is there a standard format for financial analysis information? What information is analyzed? What is the source of this information?




Topics: KnowledgeLeader tools, weekly top 5

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