Tools

The following tools were published on KnowledgeLeader this week:

Risk Management Decision Process Guide

Auditors can use the risk assessment results in this guide to better understand the risk management decision-making process. Team meeting agenda items include reviewing management effectiveness, reviewing prior meeting accomplishments, reviewing voting results from a web survey, discussing comments from the web survey, concluding on management effectiveness, and reviewing the results and application of the decision tree.

Audit Test Type Guide

Our Audit Test Type Guide equips you with the tools to evaluate internal controls and conduct effective risk assessments. Certain advantages of specific audit test types include: Ideas and different opinions are immediately shared; group support for the final decision is gained; participants have time to think through their contribution toward answers; and a direct interface with personnel involved in the business process is given, which facilitates a greater understanding of the business.

Sarbanes-Oxley Auditor Walk-Through Guide

Auditors are required to perform at least one walk-through for each significant class of transactions. Walk-through procedures include the external auditors tracing a transaction from origination through company information systems until it is reflected in company financial reports. This sample document can be used as a guide to help prepare company personnel for the walk-through process related to Sarbanes-Oxley Section 404 compliance.

Invoicing Policy

The following sample outlines a set of policies and procedures for invoicing customers and issuing invoice corrections. It applies to all customer service department personnel responsible for invoicing customers. This policy is not applicable to any type of customer credit or debit memo or any corrections associated with those credits and debits. Customer service supervisors and managers are responsible for ensuring compliance with this policy.

Company Holiday Policy (United States)

Use our Company Holiday Policy (United States) to establish guidelines and procedures to follow when defining employee eligibility for public holidays in the United States. In these samples, to be eligible for holiday benefits, an employee must be employed on the last scheduled workday before and the first scheduled workday after the holiday.

Internal Audit Independence Code of Ethics Policy

Internal auditors are independent when they can carry out their work freely and objectively. Independence permits internal auditors to render impartial and unbiased judgments essential to the proper conduct of audits. This policy sample is designed to help internal auditors apply and uphold relevant rules of conduct. 

Corporate Audit Department Charter

Corporate audit has the responsibility of providing company stakeholders with value-added services by assessing the risks associated with the company’s strategic objectives, growth plans and related risks. The corporate audit department charter establishes the policy, mission, organization structure, responsibilities, scope of work and code of ethics for a corporate audit department. This document contains six sample corporate audit department charters to review.

Publications 

KnowledgeLeader has also published several publications this week.

Is the U.S. Dollar in Decline? Financial Experts Weigh in on Its Status in a Changing World

A weakened dollar will not only have enormous economic implications, but political and geopolitical implications, as well. Business leaders, executives and directors need to prepare for a world where the dollar is less used for global commercial transactions whether the concept of a global reserve currency continues or not. Read what experts at VISION by Protiviti have to say about the decline of the gap between the U.S. dollar and other global currencies. 

Executive Perspectives on Top Risks for 2024 and 2034: Chief Audit Executives 

CAEs see a riskier near- and long-term environment than most of their colleagues in the executive suite. CAEs also give the highest risk ratings among all C-suite leaders to issues they expect to challenge their organizations a decade out, in 2034. This report explores the top risk CAEs should consider in 2024 and beyond, based on the results of Protiviti’s Executive Perspectives on Top Risks for 2024 Survey Report. 

Critical Audit Matters: Where’s Climate Change?

Critical audit matters (CAMs) provide the opportunity for auditors to explain their view of the risks and financial implications of climate change and environmental, social and governance (ESG).  In this article, Audit Analytics examines ESG notes in CAMs. 

Recommended Resources 

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

1. As Internal Audit Evolves, CAEs Must Make Talent Management Core to Strategic Planning
2. Seven Reasons for Deficiencies in Audits of Broker-Dealer Annual Reports
3. CFOs on the Move: Week Ending Feb. 2