Tools
The following tools were published on KnowledgeLeader this week:
Non-Inventory Purchasing RCM
A successful risk management strategy requires a strong internal control environment. The risk control matrix (RCM) format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation. This document outlines risks and controls common to the Non-Inventory Purchasing process in a risk control matrix (RCM) format.
Project Management Office (PMO) Questionnaire
The Project Management Office (PMO) Questionnaire is a strategic tool designed to assist organizations with evaluating the effectiveness and comprehensiveness of their project management practices. This document includes two sample questionnaires that can be used to gather critical insights from various stakeholders involved in project management, including executives, project managers and team members.
Vendor Database Management Policy
Organizations can manage and maintain accurate, up-to-date information on vendors within their financial management system with this policy sample. It details the procedures for registering new vendors, including the necessity of completing and submitting vendor registration packets and Form W-9s, ensuring that all data entered is complete, accurate and current to facilitate proper payments and tax reporting.
Vehicle Procurement Policy
This tool contains two sample policies that define and establish the responsibilities, internal controls and required authorizations for the creation, processing and issuance of purchase orders related to company vehicles. The first sample outlines the framework and procedures for the procurement of vehicles, parts and services at a company. It specifies that the creation of a purchase order (PO) is mandatory before any purchase can be made, ensuring that all acquisitions are pre-approved and documented to maintain financial control and accountability.
Third-Party Labor Contractor Audit Work Program
Use the best-practice steps in this audit program sample to conduct audits on labor contracts awarded to third-party contractors. The document outlines the procedures for reviewing and evaluating the efficiency and effectiveness of internal controls, management reporting and contract awarding processes. It provides a detailed work program, including planning, fieldwork and reporting stages, with specific objectives to verify that labor contracts are awarded based on competitive bids or other appropriate basis.
Baseline Controls Audit Work Program: Healthcare
The purpose of this work program is to provide the general steps used to perform an audit of baseline controls for a company in the healthcare industry. It outlines a structured framework for auditors to review and assess various operational aspects, including planning, fieldwork, and report issuance. The document provides detailed steps for understanding different audit areas such as billing and collections, cash controls, accounts payable, general accounting, payroll, and claims processing.
Sales Commissions Review Audit Report
Refine the processes, controls and efficiency of your organization’s sales commission system with this policy, which identifies areas for improvement and provides recommendations to enhance the system's robustness. The report investigates the commission calculation and payment processes, ensuring they adhere to company policies and procedures. It also benchmarks the company's practices against leading standards. The report identifies issues in the current system, such as inefficiencies, lack of documented policies, and opportunities for enhancing control measures.
Publications
KnowledgeLeader has also published several publications this week.
New Technology Audit Risks Research: Cybersecurity and AI Represent Key Concerns
Technology audit functions are navigating a dynamic business landscape that is being shaped continually by exponential growth in technologies like generative AI and the concurrent emergence of new security, privacy and data-related challenges. Take a closer look at how CAEs and technology audit leaders and teams should address today’s and tomorrow’s technology challenges and position their organizations for success.
2024 Finance Trends Survey Report: Consumer Products and Retail Industry Group
Protiviti’s latest survey of finance executives at retail and consumer goods (CPG) companies shows a clear focus on technology-enabled financial planning and analysis (FP&A). Retailers and CPG companies must reevaluate their pricing strategies and inventory management to maintain a competitive edge. Utilizing real-time data analytics and strategic insights will be key. In this report, we further explain the key priorities that should be top of mind for retail and CPG finance leaders over the next year.
Optimizing Business Resilience: Effective Strategies for Consolidating Non-Financial Risks in Organizations
Achieving a clear and cohesive view of non-financial risks (NFRs) within an organization is not easy. In this article, we explain how organizations can effectively aggregate NFRs, moving from a fragmented view and interpretation of risk to a single cohesive overview that facilitates informed and strategic decision-making in an increasingly volatile business environment.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- Finally, U.S. Pension Plans Reach Fully Funded Status
- From Cybersecurity to Fraud: Internal Auditors Tackle Healthcare’s Biggest Challenges
- Melancon Leaves AICPA With a Legacy of Change