Tools

The following tools were published on KnowledgeLeader this week:

Strategic Internal Audit Plan

This audit report sample will guide your organization’s internal audit activities for a specific fiscal year. This tool outlines a methodical approach to auditing, starting with initial discussions with key stakeholders to identify high-level risks and potential areas of focus. These discussions help confirm the areas that require attention and subsequently gain endorsement from executive and audit committees. 

Third-Party Licensing Process Assessment Report

Analyze your third-party licensing process and recommend improvements to procedures, controls and systems with this audit report sample. This document provides a detailed analysis of the current licensing processes, identifying key areas of risk in reporting and compliance. It includes observations on the lack of standardized product configurations, inadequate communication channels and the absence of a central repository for critical information. 

Sarbanes-Oxley Process Walkthrough Questionnaire

The Sarbanes-Oxley Process Walkthrough Questionnaire is designed to guide businesses in their compliance with the Sarbanes-Oxley Act (SOX) requirements. It provides detailed instructions and checklists for conducting process walkthroughs, which are key in evaluating the effectiveness of internal controls over financial reporting. It also offers templates for documenting these walkthroughs, ensuring that all crucial information is recorded systematically. 

Vendor Selection Policy

Establish your organization’s vendor bidding guidelines and define requisition responsibilities with our Vendor Selection Policy, which is designed to ensure that expenditures are authorized and used for products or services with a valid business purpose. The document outlines the criteria and processes for vendor selection, emphasizing performance, quality, delivery timelines and negotiated price. 

Spreadsheet Controls Policy

This tool contains two samples that outline policies and procedures to give guidance and ensure compliance related to financial spreadsheet controls. In these samples, changes and updates to all critical spreadsheets are managed, controlled and documented; access to all critical spreadsheets is appropriately restricted; and spreadsheets are backed up nightly to ensure that they are available whenever needed.

Fraud Prevention Process: Debit and Credit Card Transactions Audit Work Program

Organizations can use this work program sample to evaluate the effectiveness of their debit and credit card service provider's fraud prevention process. It outlines the audit objectives, planning phase, fieldwork and report issuance stages, detailing specific tasks like conducting meetings, preparing memos and reviewing policies. The document emphasizes understanding the audit area and incorporating best practices.

Employee Benefits Audit Work Program

Our Employee Benefits Audit Work Program covers best-practice steps for conducting an audit on HR-administered employee benefits plans/programs. This tool provides a structured work program to review compliance with policies and procedures for employee benefits, including commitments, disbursements, authorizations, payments and provider agreements. 

Publications 

KnowledgeLeader has also published several publications this week.

Focusing Your Technology Modernization Investment Strategy 

Technology modernization can present a tough conversation in the boardroom. It boils down to the opportunity cost of allocating capital — a cost that is as high as it has been since the turn of the century.  This issue of Board Perspectives poses 10 questions that offer a practical framework for maximizing value and minimizing financial risk. 

Leveraging AI in Finance—Move From Theory to Practice

Finance leaders are actively prioritizing practical AI use cases that deliver near- and long-term value. The reason is simple: the benefits of deploying AI to strengthen specific activities are proving to be well worth the investment. In this article, we explain how AI models can advance analytics used to facilitate decisions and preparedness. 

AI and Teen Privacy Panel Discussion With Future of Privacy Forum Leaders

The Future of Privacy Forum is a global non-profit organization that serves as a catalyst for privacy leadership and scholarship, advancing principled data practices in support of emerging technologies. In this VISION by Protiviti podcast, Protiviti Senior Managing Director Tom Moore leads a discussion on the impact of AI and the critical need for child and teen privacy with key members of the Future of Privacy Forum. 

Recommended Resources 

This list of recommended resources from the web may be of interest to you. Click each link to learn more. 

1. Five Cybersecurity Threats CFOs Should Look Out For
2. New Guide Clarifies Accounting and Valuation of Business Combinations
3. A Return to Capacity Planning: Staying Ahead in the Manufacturing Industry