KnowledgeLeader Blog

The Best of KnowledgeLeader: Q1 2018

Posted by Protiviti KnowledgeLeader on Thu, Apr 26, 2018 @ 09:28 AM

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

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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.

 

 

 

 

 

 

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2. 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.

 

 

 

 

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3. 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. 

 

 

 

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4. Accounts Payable RCM

A successful risk management strategy requires a strong internal control environment. The RCM format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation. 

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.

 

 

 

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5. Director of IT Project Management Job Description

This job description outlines the responsibilities, key selection criteria, and general information for the role of the director of IT project management.

The director of the project management office (PMO) is responsible for the overall project management function, providing leadership, coordination and management of the PMO processes and functions. The role serves as a conduit for communication between project managers and the IT executives who make the strategic decisions for those projects. The director of PMO supervises the team that provides project management support functions and administrative support to project managers.

 

 

 

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6. Internal Audit Planning Memorandum

This memo captures all details for planning an internal audit, such as the internal audit team members’ names and roles, duration of the internal audit, location of the internal audit, company business hours, key contacts, internal audit scope and approach, deliverables, high-level work program, and high-level work schedule.

This memorandum should be completed as part of the initial audit planning process and is meant to enhance audit efficiency.

 

 

 

 

 

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7. 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?
 

 

 

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8. The Updated COSO Internal Control Framework: Frequently Asked Questions

Companies should familiarize themselves with the New Framework, determine their transition plan, and communicate to stakeholders the release of the New Framework and its implications to the organization. In this booklet, we address various questions regarding the New Framework from COSO, including the reasons why it was updated, what has changed, the process for transitioning to its use, and steps companies should take now.

 

 

 

 

 

 

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9. Control Self-Assessment Questionnaire: COSO

Self-assessment is a recognized best practice that has been applied to risks and controls for many years. Systematically applied across the organization at the entity and process levels, self-assessment is a pre-determined approach whereby individuals self-review or self-audit controls and communicate the results to appropriate management.

This questionnaire can be used to assess an organization's use of the COSO framework.

 

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10. Enterprise Risk Management Questionnaire

The ultimate goal of enterprise risk management is to evaluate total returns relative to total risks, leading to more informed business decisions. Many ask questions about its value proposition. This questionnaire can be used when analyzing an organization’s enterprise risk management strategy. It focuses on the internal environment, objective setting, risk identification, risk assessment, risk response, control activities, information and communication, role of the board of directors, role of management, common risk failures, and trading activity.

Topics: KnowledgeLeader tools, KL Top Ten, KL Publications

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