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Top 5 Pages from July 2018

Posted by Protiviti KnowledgeLeader on Thu, Aug 16, 2018 @ 09:22 AM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from July! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

Internal Audit Risk Assessment Questionnaire 1. Internal Audit Risk Assessment Questionnaire

Internal audit performs a 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. 

 

 

 

 

AR and Cash Application Process Flow-1

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 process flow focuses on the AR and cash application process.

 

Internal Controls Checklist.jpg 3. 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. 

 

 

 

Accounts Payable RCM-1

4Accounts Payable RCM

This document outlines risks and controls common to the “process accounts payable” process in a risk control matrix (RCM) format.

 Sample risks include: duplicate invoices are received and processed, leading to duplicate payment; goods are received for unauthorized or invalid purchase orders and are not appropriately recorded in the system; and misappropriations or fraudulent payments may be made. 

 

Procurement Internal Controls Audit Work Program-page-001.jpg 5. 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?  

 

 

 

Topics: KnowledgeLeader tools, KL top five

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