Mon, Jan 13, 2025
Robust Audit Tools and Best Practices

Check out the 25 most frequently viewed audit tools and publications on KnowledgeLeader in 2024.

1. Internal Audit Department Key Performance Indicators (KPIs)

This tool includes three sample documents that provide guidance internal audit and management can use to evaluate their performance measurements.

2. Entity-Level Controls: The Importance of Setting the Tone

This blog post explains the importance of entity-level controls and explores the COSO Framework.

3. Process Classification Scheme (PCS)

The Process Classification Scheme (PCS) is a framework used by Protiviti that can be utilized to organize information about a company according to relevant business and/or industry processes.

4. Process Documentation Narrative and Flow Chart Guide

Use this guide, which includes a process flow example and guidance on other elements to incorporate, to develop an adequate understanding of your organization’s processing environment.

5. Internal Audit Feedback Questionnaire

This tool includes 10 sample questionnaires that can be used by internal audit functions to gather client feedback and measure client satisfaction.

6. Management Response to Internal Audit Reports Memo

Use the important points included in this memo to draft management responses to audit observations. 

7. Treasury and Cash Management Audit Work Program

This document includes two sample treasury and cash management work programs that focus on adequacy of controls, overall efficiency and effectiveness of processes, and compliance with policies and procedures.

8. Payroll Audit Work Program

The two samples included in this payroll audit program will help you evaluate the effectiveness and efficiency of the payroll cycle and develop recommendations to effect meaningful change.

9. Accounts Payable RCM

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

10. Physical Inventory Count Memo

This sample memo provides physical inventory instructions that a company can use to compare counted quantities to on-hand quantities in order to identify discrepancies.

11. Procurement Internal Controls Audit Work Program

This sample audit work program reviews the internal controls in an organization’s procurement process.

12. Inventory Management Questionnaire

The questions provided in this sample can be used to assess your inventory management process.

13. Risk Assessment and Proposed Internal Audit Plan

Identify potential areas of risk and noncompliance with this audit report sample, which includes an audit plan that addresses risks to strategic objectives.

14. Control Self-Assessment Questionnaire

Strengthen your financial reporting and general ledger controls with our specialized self-assessment questionnaire.

15. Financial Due Diligence Report

Our Financial Due Diligence Report serves as a comprehensive tool for auditors to meticulously examine the financial health and operational efficiency of a target company.

16. IT Disaster Recovery Plan Assessment Checklist

This comprehensive tool includes two sample IT disaster recovery plan checklists with best-practice questions for pre-planning, plan development and testing.

17. IT General Controls Questionnaire

This sample questionnaire provides several COBIT areas and related control objectives for each IT general control.

18. Director of Internal Audit Job Description

These two samples outline the responsibilities, key selection criteria and general information for the director of internal audit role.

19. Enterprise Risk Management Questionnaire

This questionnaire can be used when analyzing an organization’s enterprise risk management strategy.

20. Sarbanes-Oxley Roles and Responsibilities Guide

This sample guide can be used to understand the roles and responsibilities of team members involved in Sarbanes-Oxley (SOX) compliance assessment.

21. Developing Budgets Key Performance Indicators (KPIs)

This benchmarking tool contains two examples that focus on cost-based, quality-based and timed-based performance measures for developing budgets.

22. Internal Audit Engagement Memo

This internal audit engagement memo informs an auditee of an upcoming audit and includes the objectives of the audit, proposed timetable and audit team members.

23. Project Management Office (PMO) Questionnaire

This tool provides questions to consider when evaluating an organization’s project management office (PMO) functionality and processes.

24. Audit Planning Memo

This tool provides three sample planning memos, which serve as a report of an internal audit function’s high-level assessment of the company’s audit planning process and outline what should be included in an audit planning memorandum.

25. Accounts Receivable Internal Controls Questionnaire

The accounts receivable internal controls assessment process aims to ensure compliance with regulatory requirements, specifically the Sarbanes-Oxley Act.

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