Tools
The following tools were published on KnowledgeLeader this week:
Technology Acquisition Policy
This tool includes three sample policies that can be used to establish guidelines and set appropriate accounting procedures for the acquisition of technology, equity and other nonmarketable investments (including joint ventures), as well as for payments made for nonrecurring engineering costs and other in-process research and development. The policy also establishes guidelines for managing obsolete or unrepairable equipment through approved recyclers.
Termination of Benefits Liability Policy
Our Termination of Benefits Liability Policy serves as a critical guide for enterprises navigating the complex process of terminating employee benefits and managing exit costs. The policy outlines the stringent criteria for recognizing liabilities associated with involuntary and voluntary termination benefits, ensuring that organizations can accurately account for these expenses in their financial statements.
Cash Accounts Audit Work Program
The best-practice general steps included in this tool can be used by organizations looking to perform a cash accounts audit. Sample steps include tracing the book balance on the reconciliation form to the balance per the general ledger, comparing the bank balance on the reconciliation form to the bank statement, ensuring that the bank account is in the company’s name, and testing the mathematical accuracy of the reconciliation.
Assignment of Authority Audit Work Program
Enhance your authority delegation auditing procedures with the best-practice steps included in this sample audit program. This audit program outlines a structured approach to assess whether responsibilities and authorities are clearly defined, communicated and aligned with the organization's goals and regulatory requirements. The document includes various validation procedures that audit teams can customize based on specific engagement needs.
Vendor Review Audit Work Program
Improve your company’s vendor management process with the best-practice steps in this audit program sample. This audit program outlines a detailed assessment framework that includes governance reviews, organizational structure evaluations, insurance coverage verification, reliance on subcontractor analysis, human resources management (including training and onboarding processes), performance evaluations, termination procedures, and incentive compensation programs.
EDI Audit Work Program
Conduct a thorough review of electronic data interchange (EDI) processes within your company with this sample audit program, which is designed to assess the key aspects of transmitting information between clients and carriers, focusing on interface setup, design, testing and documentation practices. The program aims to ensure the integrity and efficiency of data exchanges by evaluating the completeness and accuracy of transmitted data.
New Restaurant Openings Project Management Audit Report
Assess your organization’s project management capabilities for the new restaurant openings (NRO) process with this audit report sample, which serves as a tool to evaluate current project management practices in relation to new restaurant development and suggests areas for optimization and improvement. It addresses various aspects such as business policies, procedures, reporting systems, methodologies, people organization and infrastructure.
Publications
KnowledgeLeader has also published several publications this week.
Due Diligence and Regulatory Update
Due diligence is a critical component in any deal, providing a thorough understanding of the target. Knowing exactly what is being acquired, and what is not, is essential for a successful transaction. AI-driven technologies like machine learning (ML), natural language processing (NLP) and predictive analytics are transforming the due diligence process. This article explores key due diligence dos and don’ts and AI’s role in M&A due diligence, its benefits and solutions to these challenges.
Technology-Modernization Projects Must Define and Deliver Tangible Value to Justify Investment
Without question, technology modernization is a challenge. Organizations must define the overall objectives clearly, specify opportunities for improvement, identify the right technologies and line up the necessary resources to undertake a project. Most importantly, the project must have a clear business case with demonstrated value and ROI that will be delivered. This whitepaper highlights how organizations can unleash growth with technology modernization, lower costs and effectively meet regulatory requirements.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- Seven Ways to Strengthen Leadership Succession and Development
- Majority Moves in Tech: Finance Leaders Reveal Popular Practices
- Regulators Hitting Auditors Hard in 2024