Tools
The following tools were published on KnowledgeLeader this week:
Accounts Receivable Policy
Our Accounts Receivable Policy establishes procedures to ensure consistency in your company’s accounting treatment of receivables. It covers various aspects of receivable management, including when to reserve, write off or recover a receivable, and how to handle billings, cash receipts and credit memos. It also provides guidelines on maintaining internal controls and accurate records within the accounts receivable function.
Third-Party Access Policy
This tool contains two sample policies that outline procedures governing third-party access to company-owned networks and applications. The policy explores the roles and responsibilities of various stakeholders, ensuring that access is granted in a controlled and secure manner. The document delineates the procedures for managing third-party access, including the use of company equipment, software and network resources by temporary workers, contractors, consultants and business partners.
Risk-Based Auditing and Audit Rating System Audit Report
Auditors can use the key findings and recommendations included in this audit report sample to evaluate and improve their audit rating system. This report can be primarily used to evaluate the effectiveness of current audit processes; identify areas for improvement; and provide recommendations to enhance transparency, consistency and relevance in audit practices. The document outlines methodologies for linking business risks to functional processes, establishing a scoring system that integrates with key performance indicators (KPIs) and ensuring alignment between internal audit and risk management initiatives.
Project Management Office Current-State Maturity Assessment Report
Use this audit report sample to determine key components of your project management office function and ensure timely delivery. By providing a detailed assessment of the current maturity levels across various components such as scope, risk, communication, quality and financial management, this report identifies critical inefficiencies and execution risks within project life cycle processes. It is instrumental for internal audit teams and project managers to pinpoint areas lacking in efficiency, effectiveness, compliance and capability.
Incentive Compensation Audit Work Program
Access our detailed Incentive Compensation Audit Work Program to streamline your compensation and benefits processes and ensure compliance. Audit steps include: review known best practices, set up the work paper organization tool, develop a project plan and determine the scope, facilitate budgeting, set up a coordination meeting with the process owner, obtain worldwide commission process/functional overview and expense allocation, and obtain a copy of company sales commission/ bonus/draw policies and procedures.
Health Reimbursement Accounts Audit Work Program
Ensure the proper administration and compliance of Health Reimbursement Accounts (HRAs) within your organization with this audit program sample, which outlines detailed audit objectives and test plans to verify that the employer's HRA program aligns with regulatory requirements such as ERISA, COBRA, HIPAA and IRC. The document includes procedures for obtaining and reviewing formal documentation of the employer's high deductible health plan (HDHP) and HRA plan.
Membership and Billing Audit Work Program
Our Membership and Billing Audit Work Program reviews the membership and billing process within a healthcare cooperative. The work program’s main objective is to determine whether internal controls in these areas are functioning effectively. The program includes a variety of audit steps, such as reviewing prior year's work papers, examining account collection policies, verifying receivable aging reports and assessing delinquency reports. It also involves detailed checks on member records, group contract rates, refunds, adjustments, credits, reconciliations and cash receipts.
Publications
KnowledgeLeader has also published several publications this week.
Understanding the Impact of the EU AI Act: A Primer for Financial Institutions
The EU AI Act (Act) is arguably the most significant and wide-reaching AI regulation to date issued by any jurisdiction. It offers an integrated approach aimed at both promoting the beneficial uses of AI and managing the risks identified in the Act, while ensuring its ethical and responsible use. The Act has extraterritorial application and impacts any company that provides or uses AI services or products in the EU, including companies that offer B2B AI services that are provided to or used by EU citizens, regardless of where a company is headquartered. In this whitepaper, we explain how financial institutions can ensure compliance with the Act.
Establishing a Scalable AI Governance Framework
When it comes to establishing an operating model for AI governance, which includes policies, development standards and risk management approaches, organizations often face a classic chicken or egg dilemma. Should they first identify and understand the AI technologies and use cases they have before establishing governance structures? This whitepaper discusses how establishing an AI governance structure paves the way for effective management and measurement of AI solutions, fostering innovation while mitigating risk.
2024 Technology, Media and Telecommunications Finance Priorities
Protiviti’s latest survey of finance leaders at technology, media and telecommunications (TMT) companies shows a growing emphasis on cost optimization, digital transformation and leadership alignment. The survey also reveals a complex landscape of shifting priorities in which finance departments leverage cloud-based applications and artificial intelligence (AI) to save costs, manage risks and opportunities, and meet regulatory requirements. This report outlines how TMT finance priorities are shifting toward AI, cost optimization and robust data security in the digital age.
Recommended Resources
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