Tools
The following tools were published on KnowledgeLeader this week:
Special Payment Handling Policy
Use the two sample policies in this tool to establish standards and procedures for the handling of payments to be returned to the requestor, returned overnight to the vendor or otherwise handled in a manner inconsistent with overall company check processing procedures. In these samples, a special payment terms code must be designated within the company’s workflow when an approver requires a check to be returned to a management office rather than having the check sent directly to the vendor from the shared services center (SSC).
Production System Access Policy
The purpose of this policy is to define proper controls to production systems and applications. The scope applies to non-end users who have access to the company’s internal production systems and applications. Policies and procedures include: the roles and responsibilities for enforcing production access, disseminating and updating account access information, and implementing any change requests.
Stock Option Review Audit Work Program
Understand and evaluate your company's stock option management process, performing tests, and investigating control weaknesses with this internal audit work program. Project work steps include reviewing existing policies and procedures for the stock option process, interviewing key personnel to understand the process, and detailing the testing of option grants.
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, and drafting any questions that may be asked during interviews and while processing mapping.
Audit Committee Responsibilities Questionnaire
The questions included in this tool can be used by audit committees to evaluate the scope of their responsibilities. During the audit planning process, audit committees must meet with management, the internal auditor and the external auditor before and after year-end to discuss all significant items; review and comment on the annual audit plan; and review the balance between internal and external audit work.
Publications
KnowledgeLeader has also published several publications this week.
Wesco: Building Stronger Connections With the Business to Increase Relevance
The internal audit department at Wesco has been receiving an increasing number of calls from the business, asking for the team’s input on issues of all types, big and small. Wesco Internal Audit Vice President Kevin Klein explains how his team has played a key role in helping the organization come together.
The SEC’s Crypto Conundrum: Approving Ethereum ETFs in a Web of Regulation
During the last week of May 2024, the SEC approved the exchanges request to list a number of spots for Ethereum exchange-traded funds (ETFs) for the first time. They will be joining the Bitcoin spot ETFs and the future trading funds of Ethereum and Bitcoin that are already in the marketplace. In this article, Audit Analytics takes a closer look at SEC concerns, historical rejections, and the ongoing battle between the SEC and Congress.
Crypto and the Travel Rule: What’s Going On?
The Travel Rule stands as a prominent example of the complexities inherent in regulating crypto assets. Consequently, industry stakeholders are compelled to undertake additional compliance efforts to navigate the diverse regulatory landscape. This whitepaper shares how companies can navigate crypto Travel Rule compliance to understand its impact, the need for flexible solutions and areas of focus for implementation.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- How to Implement an Aligned Assurance Model to Build a Collective View of Risk
- Navan’s New CFO Amy Butte Appoints Chief Accounting Officer
- Most Large Companies Exceeding SEC Requirements on Clawback Policies