Tools

The following tools were published on KnowledgeLeader this week:

Internal Audit Re-Engineering Questionnaire

The Internal Audit Re-Engineering Questionnaire document provides a two-sample comprehensive framework to enhance the effectiveness and scope of internal audit functions within organizations. It emphasizes the need for internal audits to go beyond financial compliance, such as Sarbanes-Oxley Act (SOX) requirements, and include broader evaluations of operational, legal and regulatory risks.

Root Cause Analysis Guide

Organizations can use this tool to enhance problem-solving capabilities through root cause analysis (RCA). This document is designed to equip users with key concepts, tools and methodologies necessary to identify the underlying causes of issues rather than just addressing the superficial symptoms. It provides detailed guidance on documenting root causes accurately, avoiding common pitfalls that merely restate the issue, and ensuring that management action plans are comprehensive and effective in preventing recurrence.  

Treasury and Cash Management Audit Work Program

This document includes two sample treasury and cash management work programs that focus on adequacy of controls, overall efficiency and effectiveness of processes, and compliance with policies and procedures. Specific areas of review include wire transfers, investments, cash management, foreign exchange exposure, interest rate swaps and check issuance practices.

Original Equipment Manufacturer (OEM) Qualification Audit Work Program

Achieve compliance and efficiency in customer selection and approval with our OEM Qualification Audit Work Program. This document outlines a structured audit approach to assess whether consistent procedures are in place for evaluating, qualifying and accepting OEM partners, ensuring that they align strategically with the company's business objectives. It includes detailed steps such as reviewing existing policies, interviewing key personnel, mapping process flows and testing system controls.

Translation of Foreign Financial Statements Policy

Our Translation of Foreign Financial Statements Policy is designed to ensure accurate and consistent translation of financial statements from foreign subsidiaries into U.S. dollars. This policy establishes the procedures for determining each entity's functional currency, emphasizing the importance of the primary economic environment. The policy mandates that accounting records and financial statements be maintained in local currencies before translation, with specific methods for translating assets, liabilities, revenues and expenses.

Trading and Commodity Risk Management Policy

The guidelines in this policy can be used by organizations looking to optimize their trading and commodity risk management activities. This policy establishes the roles, responsibilities and protocols necessary for managing these activities effectively and details various aspects such as approved risk limits, transaction authority limits, daily reporting procedures, data handling and record retention policies. It also outlines specific transaction types and limits, providing a robust framework for managing risks associated with physical and financial transactions.

Tuition Reimbursement Policy

This Tuition Reimbursement Policy can be used by employees seeking financial assistance for furthering their professional education. The policy encourages continuous professional development by offering tuition reimbursement to eligible employees who have completed a certain period of service in the company. The eligibility and reimbursement amounts differ for full-time and part-time employees.

Publications 

KnowledgeLeader has also published several publications this week.

A Director’s Road Map for Effective AI Implementation 

Almost every organization around the world is trying to figure out what artificial intelligence (AI) offers and how to deploy it to move business forward. A road map can help directors engage more effectively in these strategic conversations. This issue of Board Perspectives discusses the broad categories of AI and provides a framework for approaching AI in a structured manner. 

Confessions of an Ethical Hacker: “I Could Break Into Any Company, All It Takes Is Time"

Jamie Woodruff is an ethical hacker, speaker and well-known cybersecurity specialist. He started his journey into hacking at the age of nine when he uncovered a security flaw in a major social media platform during a student competition at a U.K. university. In this VISION by Protiviti podcast, Woodruff and Joe Kornik, editor-in-chief of VISION by Protiviti, discuss his insights on what cybersecurity looks like in the future.  

Machine Learning-Based Intrusion Detection Systems for SDN: An Empirical Study Using KNIME

Software-defined networking (SDN) is a revolutionary approach to designing and managing networks that simplifies the process by separating the control and data planes. Nevertheless, these attributes make SDNs susceptible to security risks. As a result, it is critical to include a network intrusion detection system (NIDS) as a response. This article suggests utilizing machine learning models to improve the efficiency of NIDS in SDN systems. More specifically, two benchmark datasets—NSL KDD and UNSW-NB15—are used to create and test machine learning models that aim to improve SDN network security and reduce potential threats. 

Recommended Resources 

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

1. FASB Sets New Reporting Standards for Disclosure of Expenses
2. U.K. Online Safety Act: The Impact on Tech Firms and Critical Compliance Considerations
3. Regulators Hitting Auditors Hard in 2024