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Popular the Week of September 16: An Effective Way to Conduct a Risk Assessment Guide and more!

Posted by Protiviti KnowledgeLeader on Tue, Sep 24, 2019 @ 04:10 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from September 16-20! 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. 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.

 

 

 

 

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2. Sarbanes-Oxley Auditor Walkthrough Guide

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. 

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.

 

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3. Provide Financial Information to External Parties: Risk Reporting 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.

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4. 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. This process flow focuses on the AR and cash application process.

 

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5. 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.

 

 

 

Topics: KnowledgeLeader tools, weekly top 5

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