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Popular the Week of September 23: Data Analytics by Business Process and more!

Posted by Protiviti KnowledgeLeader on Tue, Oct 01, 2019 @ 05:07 PM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from September 23-27! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.


1. Data Analytics by Business Process

Data analysis using common spreadsheet and software tools can quickly reveal anomalies that may indicate fraud or control problems within a process. This tool lists sample key data analytics that can be run for common business processes, including procure-to-pay, order-to-cash, human resources, inventory and finance.

Subprocesses covered in this document include strategic sourcing, vendor onboarding and master data management, material management and master data, debit notes, goods receipt, invoice receipt, invoice booking, invoice payment, vendor performance analysis, and many more.






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. 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.



4. Purchase Materials and Supplies: Monitor Contract Spend RCM

This document outlines risks and controls common to monitoring contract spend during the 11.1.3 Purchase Materials and Supplies process in a risk control matrix (RCM) format.





5. Process and Activity-Level Controls Assessment Guide

This sample document can be used as a guide to assessing controls at the process or activity level. Example steps include selecting the priority elements, understanding the processes, sourcing the risks, documenting the key controls, assessing the control design, and validating the control operation and reporting.




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