Tools
The following tools were published on KnowledgeLeader this week:
Accrued Liabilities Policy
Get five sample policies that establish processes where the accrual processes ensure that all expenses related to the month are properly included in the company’s financial statements. The document provides various policy samples that detail how to allocate expenses to the correct accounting period, ensuring that all costs related to a specific month are accurately reflected in the company's financial statements.
Enterprise Risk Assessment Process Questionnaire
Evaluate and enhance enterprises' risk management processes with out risk assesment questionnaire. This document is designed to facilitate discussions among board members, management and internal auditors regarding the identification, assessment and prioritization of risks that could impact the organization's strategic objectives.
Fraud Prevention and Detection Audit Work Program
Evaluate the effectiveness of your organization’s fraud prevention and detection with our fraud prevention and detention audit work program. The tool provides a structured framework that can be used directly or transformed into questionnaires for management, facilitating a comprehensive understanding of the current fraud prevention and detection activities.
Journal Entries Audit Work Program
Streamline your journal entry process and ensure compliance with our Journal Entries Audit Work Program. This program outlines a detailed approach for evaluating the creation, posting and retention of journal entries across various locations and time frames. The program includes steps for obtaining an understanding of the company's journal entry procedures, performing walk-throughs to grasp the nuances of the process, and using computer-assisted audit tools to identify high-risk entries.
Electronic Signature (E-Sign) Audit Work Program
The objective of this sample audit work program is to assess documented policies and procedures, including business requirements documentation, to determine if the provisions of the Electronic Signatures Act (E-Sign Act) and Department of Education are adequately addressed and ensure that electronic signature records can be proved to be authentic.
Record Retention Policy
Establish standards and procedures for the retention of electronic and paper records with this record retention policy. Because of legal, tax and financial reporting requirements, the company must retain certain financial and nonfinancial records for various lengths of time. It is also important to consider employee access to these documents.
Audit Committee Responsibilities Questionnaire
Our Audit Committee Responsibilities Questionnaire provides a robust framework for evaluating the efficiency and effectiveness of an audit committee's practices. By following this structured approach, auditors can identify both strengths and areas that may require improvement in the committee's composition, operating procedures, financial reporting oversight, risk management capabilities, internal controls, and compliance with legal standards.
Finance and Accounting Risk Awareness Audit Report
Explore potential finance and accounting risks with this audit report, featuring a risk awareness and scenario analysis for an organization’s finance and accounting function. This report encompasses a detailed identification of inherent and residual risks, along with a systematic evaluation of existing controls and mitigation strategies. By using a scenario analysis compiled from stakeholder interviews and document reviews, organizations can prioritize risks based on their likelihood and impact.
Publications
KnowledgeLeader has also published several publications this week.
PCAOB Continues Focus on Critical Audit Matters
Audit Analytics’ critical audit matters (CAMs) report for 2023 filings is out now. Results show that while 68% of the registrants’ opinions contain CAMs, the average number of CAMs in those opinions continues to decline. This has the attention of the Center for Audit Quality (CAQ) and PCAOB as they continue to validate the existence of CAMs.
What AI Is Doing for, and to, the Humans in the People Function
When assessing how AI is driving HR transformation, it’s easier to identify processes that the technology will not affect, like investigations of employee wrongdoing and – well, that’s about it. To be sure, the HR-employee relationship is not going away, but it will change – dramatically so inside many companies. From a knowledge-management perspective, AI can quickly equip employees with the policies, procedures, articles and other content they need to thrive in their roles.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
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- Harness the Power of AI Across GENERATIONS