KnowledgeLeader Blog

The Best Way to Formulate and Execute Audit Procedures

Posted by Protiviti KnowledgeLeader on Thu, Oct 17, 2019 @ 04:32 PM

Once a company forms an internal audit function, completes the risk assessment process and develops an internal audit plan that is responsive to the risk assessment, it can initiate individual internal audit assignments.

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Topics: internal audit, risk assessment, self assessment, KL Tools

When is the Last Time You Reviewed Your Purchasing Process?

Posted by Protiviti KnowledgeLeader on Thu, Oct 10, 2019 @ 04:45 PM

The process of purchasing materials and supplies comprises procedures and activities to acquire goods in the correct quantity and in a timely manner. The process should include how purchases are started (e.g., inventory levels), who is involved and how it is made. In addition, the process covers the communication of purchases to all required areas of the company (e.g., accounting). Inventory management follows and starts from the time inventory purchases are received to the time the inventory is sold to the customer and payment is received.

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Topics: internal audit, KL Tools, accounts payable & purchasing, Digital Transformation

Is Your Strategy Focused on Digital Transformation?

Posted by Protiviti KnowledgeLeader on Fri, Oct 04, 2019 @ 10:14 AM

The digital revolution currently taking place is transforming our world. Over the next few years, many organizations will need to undertake radical change programs and, in some cases, completely reinvent themselves to remain relevant and competitive.

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Topics: internal audit, strategic risk, KL Tools, Digital Transformation

Audit Committee: Importance to the Board of Directors

Posted by Protiviti KnowledgeLeader on Fri, Sep 27, 2019 @ 09:12 AM

What should the audit committee’s relationship be with an organization’s board of directors, compensation committee, disclosure committee, and nominating and governance committee?

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Topics: internal audit, audit committee & board, KL Tools

How to Achieve Remarkable Value From Internal Audit in the Digital Age

Posted by Protiviti KnowledgeLeader on Thu, Sep 19, 2019 @ 05:52 PM

In a world of rapid change on almost every front at which organizations must adapt and grow or risk decline and their ultimate demise, everybody faces the same reality — either continuously improve their efforts to contribute sustainable value or be left behind. The chief audit executive (CAE) is no exception. As the risks and complexities companies face change, so do the focus, skill sets and capabilities needed by internal audit.

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Topics: internal audit, technology, KL Tools, Digital Risk, Digital Transformation

Internal Audit: Auditing Standards You Need to Be Aware Of

Posted by Protiviti KnowledgeLeader on Fri, Sep 13, 2019 @ 08:46 AM

Auditing Standards for Internal Audit

The Institute of Internal Auditors (IIA) promulgates the International Professional Practices Framework (IPPF) which includes Mandatory Guidance and Recommended Guidance.

Mandatory Guidance:

  • Core Principles for the Professional Practice of Internal Auditing
  • Definition of Internal Auditing
  • Code of Ethics
  • International Standards for the Professional Practice of Internal Auditing 

Recommended Guidance:

  • Implementation Guidance
  • Supplemental Guidance
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Topics: internal audit, IIA, KL Tools, audit standards, IPPF

10 Important Roles of the Audit Committee in Internal Audit

Posted by Protiviti KnowledgeLeader on Thu, Sep 05, 2019 @ 02:54 PM

10 Important Roles of the Audit Committee in Internal Audit

Although the exact nature, charter, scope and reporting lines of internal audit may vary between companies, the audit committee plays a key role in supporting and overseeing aspects of an internal audit function’s activities. While needing to ensure that it does not assume day-to-day oversight activities on behalf of management or the internal audit function, the audit committee should generally be involved in the following matters:

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Topics: internal audit, audit committee & board, KL Tools

Social Media Risk: What it Means to Your Risk Profile

Posted by Protiviti KnowledgeLeader on Thu, Aug 29, 2019 @ 05:31 PM

Social Media Risk: What it Means to Your Risk Profile

Social media platforms and applications have been implemented rapidly by most organizations over the past decade. New ways to utilize social media crop up weekly and new social media tools seem to hit the market just as frequently.

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Topics: social media risk, compliance, risk, KL Tools

Compliance: How to Position for Ultimate Effectiveness

Posted by Protiviti KnowledgeLeader on Thu, Aug 22, 2019 @ 05:49 PM

Positioning Compliance for Effectiveness

Positioning the compliance function for effectiveness is a matter of first defining the roles executive management and the board want the function to play. An understanding of those roles provides a powerful context for evaluating how to position the compliance function within the organization.

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Topics: compliance, risk, KL Tools

A Compliance Perspective to Risk Assessment

Posted by Protiviti KnowledgeLeader on Thu, Aug 15, 2019 @ 05:11 PM

Making Your Risk Assessments Count: A Compliance Perspective to Risk Assessment

The traditional approach for assessing compliance risks focuses on the severity of impact and likelihood of occurrences, often on a residual risk basis. This approach often results in a cluster of low likelihood risks with various levels of potential severity and fails to address the potential implications to the enterprise of a breakdown in established policies and procedures. For compliance risks, in lieu of mindless guesswork on probabilities, companies should consider the effects of noncompliance events in terms of the following factors:

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Topics: risk assessment, risk, KL Tools

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