KnowledgeLeader Blog

The Best of KnowledgeLeader: July Edition 2017

Posted by Sharise Cruz on Fri, Jun 23, 2017 @ 01:37 PM

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


1. 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.






2. Procurement Internal Controls Audit Work Program

 This sample audit work program reviews the internal controls in an organization’s procurement process.

Sample questions to consider include: Are purchase orders based on authorized requisitions? Are purchase orders properly coded to identify the cost objective (direct, indirect or inventory)? Are purchase orders serially controlled and accounted for? Is the use of standardized purchase orders required? Are effective numerical document controls or status reports maintained to record the receipt of purchase requisitions? Does the purchasing department maintain specifications for all materials and services used by the contractor? Are requirements combined where appropriate? Are the receiving and inspection functions separate from the purchasing function?











3. Process Classification Scheme (PCS)

The Process Classification Scheme (PCS) is a framework that helps organize information about a company, according to relevant business and/or industry processes, and defines the individual functions of a business that should take place at the strategic, operational and tactical levels. Depicting each function as a defined process or sub-process helps promote a common language and provides a “roadmap” to help identify processes and related risks and potential controls that may be applicable to the organization. Note: The PCS is not an all-inclusive list of existing business processes. Companies should customize the PCS (processes and associated sub-processes) to fit the facts, circumstances and culture of the organization.






4. Four Ways to Make Internal Audit More Lean and Agile

Everyone wants to produce more with less. If you have heard the expressions “lean” and “agile,” you may think they refer to weight loss and flexibility or associate them with software development—and you may wonder how they apply to internal audit. The Agile Manifesto’s core values drive a mindset that focuses on creating results that address stakeholder and user needs. Being "lean" means targeting areas of waste, i.e., unnecessary, non-value-added activities, and eliminating them.

This article describes agile techniques in audit and identifies unproductive activities that can slow down an audit. It also outlines four things you can do to be lean, agile and IPPF-compliant, even if you don’t want to—or culturally cannot—adopt the entire Agile Manifesto.




5. Internal Audit Report to the Audit Committee

This presentation provides attractive examples of content that can be included within an internal audit report to the audit committee.

Examples include dashboards that summarize audit activities, summaries of key issues and audit findings, internal audit calendars depicting audit plans, budget presentations, and slides depicting the audit staff, their qualifications, and the status of the department.


Topics: KnowledgeLeader articles, KnowledgeLeader tools, KL top five

Add a Comment:

Subscribe to Our Blog

About KnowledgeLeader

KnowledgeLeader, provided by Protiviti, is the premier resource for internal audit and risk management professionals.

With over 1,400 customizable tools and 1,300 articles by industry experts, we offer the most comprehensive service on the market.

For more information:

 Tour the Site

Recent Posts

Posts by Topic

see all