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The Best of KnowledgeLeader: December Edition 2017

Posted by Protiviti KnowledgeLeader on Fri, Dec 15, 2017 @ 10:09 AM

In case you missed them, these were the five most popular tools and publications on KnowledgeLeader last month:


1. Internal Audit Risk Assessment Questionnaire

Internal audit performs this risk assessment to identify and prioritize key risks to best allocate the internal audit resources for the next year. This risk-based approach is focused on surveys/interviews of a cross-section of management personnel to solicit input from the potential customers of an internal audit function. The output from the surveys and interviews can be used to develop an audit plan that creates broad coverage through a blend of internal audits, control self-assessment and targeted external audit coverage.









2. AR and Cash Application Process Flow

 Cash application is a process relating to accounts receivable (AR), where incoming payments are applied to the corresponding customer invoice. Whether it is a cash or wire (EFT) payment, a monthly bank reconciliation is performed by the accounts payable (AP) assistant and the AR assistant within two days of month-end. It is then reviewed, signed off and filed by the financial controller. 

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. Assessing Risks and Internal Controls Guide

For all businesses there are risks that exist and need to be identified and addressed in order to prevent or minimize losses. As part of their Sarbanes-Oxley compliance efforts or enterprise risk management programs, many internal auditors are involved in training process owners to assess risks and take responsibility for managing internal controls. 

In this effort, it is important to acknowledge the process owner’s responsibility for the design, implementation and maintenance of the control structure within assigned business processes. Process owners are also expected to: contribute direction to identify, prioritize and review risks and controls; remove obstacles for compliance; and remedy control deficiencies; continue or begin a program of self-assessment and testing to monitor the controls within your processes.

This guide was developed to help with this training activity.


4. Internal Controls Checklist

This checklist sample provides a list of items to consider when assessing internal controls for common business processes.

It focuses on accounts receivable and sales controls, accounts payable controls, accrued liabilities and other expenses controls, cash disbursement controls, cash funds controls, cash receipts controls, general accounting controls, fixed-assets controls, intangibles controls, inventory and cost of sales controls, investments controls, long-term liabilities controls, notes receivable controls, payroll controls, prepaid expenses and deferred charges, and shareholders’ equity controls.





5. Internal Audit Risk Assessment and Proposed Internal Audit Plan

The Protiviti Risk Model is a comprehensive organizing framework for defining and understanding potential business risks and creating and managing the organization’s dynamic risk universe. Boards of directors and management can use this tool to assess and monitor strategic risks impacting the organization. The model focuses on three different types of risks: environment risk, process risk and information for decision-making risk. 


Topics: KnowledgeLeader articles, KnowledgeLeader tools, KL top five

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