Tools
The following tools were published on KnowledgeLeader this week:
Freight Management Audit Work Program
The purpose of this sample audit work program is to understand and evaluate the freight management process, which includes reviewing process performance measures, process effectiveness and efficiency, and contract terms and management. The primary objectives of this program are to understand and evaluate the freight management processes; validate process performance measures; identify root causes of process deficiencies, bottlenecks and excessive freight charges; and ensure process effectiveness and efficiency.
Bank Financial Reporting Cycle: Control Objectives and Audit Work Program
The principal objective of this audit work program is to assist department management in analyzing the effectiveness of the internal control structure over financial reporting for the financial reporting cycle at a bank. This audit program outlines a structured approach for evaluating the effectiveness of management control structures (MCS) at the transaction cycle level, ensuring that key business objectives such as reliable financial reporting, operational efficiency, and compliance with laws and regulations are met.
Shipping and Receiving Audit Work Program
Focus on the importance of identifying shipping and receiving process improvement opportunities with the three sample audit work programs in this document. Audit steps include obtaining a copy of the company’s shipping and receiving policies and procedures, reviewing procedures prior to beginning fieldwork, drafting any questions that may be asked during interviews and while processing mapping, obtaining an understanding and evidence of the shipping/receiving process, and review previous internal audit reports.
Identity Access Management Report
Improve your identity and access management (IAM) processes with the governance and infrastructure enhancements in this audit report sample. This document is pivotal for developing a strategic road map tailored to bolstering IAM processes over a specified period, typically three years. It meticulously outlines various critical areas such as governance, privileged access management (PAM), and identity governance and administration (IGA), providing a structured approach to managing user identities and access privileges within a corporate environment.
Risk Assessment Questionnaire
Our Risk Assessment Questionnaire is designed to help organizations collect responses for risk assessment as preparation for annual budgeting and business planning efforts. Within this tool, you will find a risk assessment questionnaire with instructions for completion. It also provides additional information and reference materials, including a risk model, rating guidance, environmental risk definitions, process risk definitions and information risk definitions.
Publications
KnowledgeLeader has also published several publications this week.
Future of Privacy Forum CEO Jules Polonetsky on “Exciting but Risky” Road Ahead
Jules Polonetsky is the CEO of the Future of Privacy Forum, a global non-profit organization that serves as a catalyst for privacy leadership. For 15 years, Polonetsky and the FPF have helped advance principled data practices, assisted in drafting data protection legislation and presented expert testimony before legislatures around the world. In this VISION by Protiviti interview, Tom Moore, a senior managing director at Protiviti, sits down with Polonetsky to discuss how business leaders can navigate the tricky road ahead for data security and privacy.
Audit Tenure Centenarians
Periodically, auditor independence, audit tenure and the prospect of mandatory auditor rotations are topics of significant debate. As of 2024, 24 public companies had retained their auditors for 100 years or more. Big Four audit firms PricewaterhouseCoopers (PwC), Deloitte, and Ernst & Young (EY) are the only members of the U.S. Centenarian Club. PwC audited eight of these companies, Deloitte audited six, and EY was the auditor of record for the remaining 10 companies. In this article, Audit Analytics explores the history of long-term auditor relationships and the debate around mandatory auditor rotation.
Trump 2.0: Possible Winners and Losers
President-elect Donald Trump will take office in January 2025 with Republican control of both the Senate and the House and with a conservative-leaning Supreme Court. This Flash Report summarizes our current thinking on potential industry winners and losers based on available information, along with sectors that are not clearly in either category.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- Cashless Countries, Digital Dollars, Privacy in Peril? New Protiviti-Oxford Global Executive Survey
- Financial Planners and Caregiving: Helping Clients Manage the Challenges
- Do CFOs Take Investor Activism Seriously Enough?