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Top 5 Pages from November 2018

Posted by Protiviti KnowledgeLeader on Tue, Dec 04, 2018 @ 02:01 PM

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


1. Internal Audit Department Key Performance Indicators (KPIs)

This tool outlines key performance metrics that are used for assessing audit functions, the outcome measures associated with each metric, and the activity measures that drive each outcome metric.




2. Internal Audit Risk Assessment and Audit Plan

This sample audit report outlines findings from a risk assessment performed at a company with the purpose of identifying areas of risk and developing a three-year internal audit plan.

This sample utilizes the concept of the “three lines of defense,” which applies to a company’s risk management environment. 


"" 3. 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. 







4. Inventory Policy 

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. 








5. 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.


Topics: KnowledgeLeader tools, KL top five

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