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Popular the Week of September 2: An Effective Way to Conduct a Risk Assessment Guide and more!

Posted by Protiviti KnowledgeLeader on Tue, Sep 17, 2019 @ 05:20 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from September 2-6! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.


1. An Effective Way to Conduct a Risk Assessment Guide

There are many ways to conduct a risk assessment. For example, companies may conduct interviews or surveys of key personnel, review key documents, conduct facilitated workshops, perform targeted reviews, or utilize any combination of these options. This guide outlines and compares various options and approaches to conducting an effective risk assessment, including interviews, online surveys, paper surveys, document review, facilitated workshops and targeted reviews.



2. 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.






3. Manage Service Contracts: Monitoring Existing Contracts RCM

An RCM provides an overview of different control objectives that organizations should take into consideration and the corresponding controls to safeguard the company against risks which may arise if not checked timely. Once customized to an organization, this document can help the user in assessing each control. 

This document outlines risks and controls common to the 11.1.4 Manage Service Contracts process in a risk control matrix (RCM) format.


4. 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 they expect from the business process, outcome measures to determine whether they have 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.




5. Sarbanes-Oxley Section 404 Compliance Guide

This sample document can be used as a guide for establishing an organization’s framework and standard policy for compliance with Section 404 of the Sarbanes-Oxley Act.

In this sample, the company’s approach to supporting the certifications required by Section 404 of the act includes the following key activities: complete the entity-level risk assessment, define critical processes supporting the financial reporting function, identify key controls mitigating key risks, validate control operating effectiveness, and design and implement solutions for control gaps and weaknesses.






Topics: KnowledgeLeader tools, weekly top 5

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