Tools
The following tools were published on KnowledgeLeader this week:
Accounts Payable Transactional Review Report
Utilize this audit report sample to communicate issues and findings from a forensics analysis and accounts payable transactional review. This report, generated by internal audit, provides a comprehensive analysis of accounts payable transactions, vendor master files, purchase orders, invoices and payment data. Primarily, it identifies potential issues such as duplicate payments, incomplete vendor records and inefficiencies within the AP process.
IT System Access and Re-Certification Policy
Learn about the guidelines for securing digital infrastructure and maintaining proper system access security with this policy. An auditor can expect to find clear definitions of roles such as process owners, user access rights and responsibilities, as well as procedures for adding, changing and deleting employees' system access rights.
ISO 9000 Certification Policy
Organizations can use the procedures in this tool to achieve ISO 9000 certification. This policy outlines the necessary procedures and standards required for an organization to achieve ISO 9000 certification, emphasizing the importance of a quality management system that meets international standards. The document details each step involved in acquiring certification, including management commitment, training, compliance with standards and successful audit completion by a third-party registrar.
Bank Loan Cycle: Control Objectives and Audit Work Program
Discover the best practices for assessing the internal control structure of your bank loan cycle with this comprehensive audit program. It provides an outline of objectives aimed at ensuring accuracy, completeness, promptness and regulatory compliance in loan reporting and processing. The document underscores the importance of thorough verification processes, such as matching loan account numbers to the master file, validating details against established criteria, and monitoring interest yields in relation to current rates.
Bank Trust Cycle: Control Objectives and Audit Work Program
Strengthen your internal control structures and ensure accurate financial reporting with this audit work program. This meticulously structured tool is tailored to assist department management in analyzing the effectiveness of their control structures over financial reporting at a granular transaction cycle level. It emphasizes on key objectives such as authorization, completeness and accuracy, substantiation of balances, evaluation of balances, and access to assets.
Financial Close Process Questionnaire
The questions provided in this tool can be used to analyze and enhance the financial close process. Sample questions include: Who is responsible for completing the financial analysis? Who has access to change/update the financial analysis? What is the period for completing the financial analysis process? What is the ultimate deadline? Is there a standard format for financial analysis information?
Publications
KnowledgeLeader has also published several publications this week.
Best Practices for Building a Sustainable PCI DSS Compliance Program
A sustainable PCI DSS compliance program requires a strong governance structure, specialized training, effective scope management, robust compliance maintenance and verification practices, and tools and processes for efficient handling of PCI compliance tasks and continuous improvement. This article covers best practices for developing a sustainable PCI DSS compliance program and explains how robust governance, specialized training and efficient processes help protect cardholder data.
Are Boardrooms Getting More Diverse?
Corporate boardrooms have been expanding in recent years. In 2023 alone, there were 779 director appointments citing the reason for engagement as enlargement of the board, which translated to approximately 23% of total director engagements that disclosed a reason for appointment. In this article, Audit Analytics further examines the significant spike in the number of director engagements for the specific purpose of expanding the board.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- Ten Steps to Elevate the Annual Budgeting Process
- Using the AI in Power BI to Do Root Cause Analyses
- Regulators Hitting Auditors Hard in 2024