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Weekly Top 5

Posted by Protiviti KnowledgeLeader on Wed, Oct 10, 2018 @ 09:45 AM

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from October 1-5! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

"" 1. Business Continuity Capability Maturity Model (CMM)

This document focuses on the capability maturity model for the business continuity process. In this process, the OPTIMIZING phase is determined by implementation of a comprehensive or organization-wide business continuity process. 

The capability maturity model describes a maturity curve on these capability levels: INITIAL, which includes ad hoc/chaotic processes such as policies being non-existent; REPEATABLE, which includes intuitive processes such as compliance of company policies and human resources (HR) legal requirements; DEFINED, which includes qualitative/quantitative processes such as compliance and monitoring of company policies; MANAGED, which includes quantitative processes, including monitoring and updating of company policies; and OPTIMIZING, which includes continuous improvement processes such as strategies including continuous monitoring and updating of company policies.


2. 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.

This document outlines risks and controls common to the 5.2.1 Process Accounts Payable process in a risk control matrix (RCM) format. 

"" 3. Segregation of Duties and Logical Access Guide

This sample explains the concept of segregation of duties (SOD), including its types, importance, risks, and the role of internal audit/management/external audit. It also includes a sample segregation of duties maturity model that can be customized to your organization.

The basic idea underlying SOD is that no employee or group of employees should be in a position both to perpetrate and to conceal errors or fraud in the normal course of their duties. In general, the principal incompatible duties to be segregated are: custody of assets, authorization or approval of related transactions affecting those assets, and recording or reporting of related transactions. Types of segregation of duties in this sample include system-designed and operationally designed.

Traditional systems of internal control rely on assigning certain responsibilities to different individuals or segregating incompatible functions. The general premise of SOD is to prevent one person from having both access to assets and responsibility for maintaining the accountability of those assets. SOD’s do not prevent collusion.


4Business Continuity Software Research Report

This audit report focuses on enhancing the business continuity management capability. This sample assesses various business continuity (BC) software solution providers in the global market with the purpose of enhancing the organization’s business continuity management capabilities. 

The objectives and scope of the review included: identifying BC software solution requirements, research and discussions of the BC software market history and the current BC software market; identifying the best potential BC software solution providers; and assessing the best potential BC software solution providers against company requirements.

"" 5. Inventory Policy

This policy outlines guidelines and accounting policies to ensure that inventory is properly controlled and costed, and losses or shortages are prevented. It applies to all inventory items, including raw materials/parts, work in progress, and finished goods and consigned inventory. The procedures focus on inventory valuation, slow moving and excess inventory/reserves, reconciliation of perpetual inventory, physical inventory, consigned inventory, scrap, intercompany transfers, and capitalized cost.

In this sample, inventories are stated at the lower of cost or market. The valuation method for each item of inventory shall remain consistent from one accounting period to the next accounting period.



Topics: KnowledgeLeader tools, weekly top 5

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