KnowledgeLeader Blog

The Best of KnowledgeLeader: May Edition 2017

Posted by Sharise Cruz on Mon, May 01, 2017 @ 12:28 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. Risk Assessment and Internal Audit Plan Audit Report

This sample reports results from an annual risk assessment and proposes an internal audit plan based on the assessment.

The key themes resulting from the assessment focus on strategic risks, financial risks, operational risks and compliance risks. The strategic risks relate to IT business continuity planning, intellectual property protection, and retention of personnel/process maturity.








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. Audit Planning Memo

The purposes of the audit plan are, first, to contribute to the effectiveness of the audit and, second, to contribute to the audit efficiency. This memorandum should be completed and approved as part of the initial audit planning process. In completing this document, there may be occasions when matters already documented in other work papers are relevant. There is no need to re-write such material if a specific reference can be made.

This memorandum is structured so that planning documentation common to all projects is presented. All items should be read and considered on every project.







5. Risk Assessment Audit Work Program

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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