KnowledgeLeader Blog

The Best of KnowledgeLeader: June Edition 2017

Posted by Sharise Cruz on Fri, May 26, 2017 @ 07:18 AM

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. 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.







3. Accounts Payable 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. The control assessment can then also be summarized to develop an action plan.

This document outlines risks and controls common to 5.2.1 Process Accounts Payable in a risk control matrix (RCM) format.






4. SOX Testing Documentation Template

This template can be used to document Sarbanes-Oxley internal control testing procedures, results and recommendations. It includes details such as the process name, control activity, control number, control type, control objective, control frequency, walkthrough documentation, operating effectiveness test steps, description of validation performed, validation results/findings, compliance with the practice, management response, and recommendations.














5. Internal Audit Performance Measures Key Performance Indicators (KPIs)

The purpose of this audit work program is to assess and validate key controls in place for the risk assessment component of the COSO framework. Inadequate or ineffective controls in this area may give rise to financial and operational risks.

Risks addressed include: management does not have a business planning process in place, which examines existing objectives and establishes new objectives when necessary; management has not established business plans and budgets with realistic goals, and incentives for the achievement of plans are not balanced; objectives are not communicated at the appropriate levels, and are not understood and adopted by the responsible parties; and management has not established a process to periodically review and update entity-wide strategic plans and objectives.









Topics: KnowledgeLeader articles, KnowledgeLeader tools, KL top five

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