Mon, Jul 29, 2024

Tools

The following tools were published on KnowledgeLeader this week:

Quarterly Self-Assessment Survey

Empower your process owners to optimize internal controls and enhance financial reporting with our comprehensive Quarterly Self-Assessment Survey. This meticulously designed tool aids process owners in conducting a thorough evaluation of the control systems within their respective sectors. The primary objective of this survey is to streamline the quarterly Section 404 assessment process. 

Internal Controls Quarterly Self-Assessment Program Guide

The Internal Controls Quarterly Self-Assessment Program Guide is a comprehensive manual aimed at enhancing the understanding and application of internal controls within an organization. It begins with a definition of internal control as a process influenced by an entity's board of directors, management and personnel to ensure the achievement of objectives such as operational efficiency, reliable financial reporting, and compliance with laws and regulations. 

Information and Communication Audit Work Program

The purpose of this audit work program is to assess, at a high level, and validate key controls in place for the information and communication component of the COSO Framework. Inadequate or ineffective controls in this area may give rise to financial and operational risks. Risks addressed in this audit work program include relevant external information with consideration on the impact on the entity is not monitored.

Third-Party Labor Contractor Audit Work Program

Gain insights into the methodology for awarding labor contracts and evaluate third-party contractor internal controls with this sample work program. Audit steps include obtaining an understanding of the company’s methodology for awarding labor contracts; verifying that labor contracts are awarded based on competitive bids or another appropriate basis; evaluating the overall efficiency and effectiveness of third-party contractor internal controls, related procedures and management reporting.

Recognition of Costs Policy

Access our recognition of costs policy to ensure accurate reporting and recognition of payroll costs, including salaries and benefits. According to this policy, payroll costs consist of salaries, wages, overtime, employee benefits and pension contributions made by the company, as well as the employer portion of statutory deductions such as employment insurance.

Accounts Receivable Internal Controls Questionnaire

The accounts receivable internal controls assessment process aims to ensure compliance with regulatory requirements, specifically the Sarbanes-Oxley Act. This sample Accounts Receivable Internal Controls Questionnaire is a comprehensive tool developed to allow owners of core functions and processes within a company to perform a self-assessment of their operations' controls. 

Publications 

KnowledgeLeader has also published several publications this week.

Views on Board Governance — Where Directors and C-Suite Leaders Align and Diverge

We are pleased to publish our inaugural Global Board Governance Survey. This study — developed by Protiviti, BoardProspects and Broadridge — is, we believe, the first of its kind. It offers insights regarding the board’s priorities, performance and governance practices from the different perspectives of more than 1,000 directors and C-suite leaders. The results of this survey, documented here, spotlight how directors can improve their performance and deliver greater value. 

Integrating Your Business and Talent Strategy: Partnering With Your CHRO Is a Strategic Imperative

Throughout the pandemic, boards and executives called on their chief human resources officers (CHROs) with exceedingly challenging questions and requests, and those who were successful responded with exceptional leadership. Today’s challenging business climate demands that boards of directors and executive leaders view the organization’s talent strategy in coordination and lockstep with their strategic business objectives. This issue of The Bulletin explains how leaders can leverage HR’s expertise to maximize talent investments. 

Restatements and Their Ripple Effects

As if having a restatement is not bad enough, you may have a few other issues to worry about. Data recently compiled by Audit Analytics shows a significant correlation between a financial restatement and several data points tracked in the Audit Risk and Quality Matrix (AQRM) database. In this article, Audit Analytics further examines how financial restatements can trigger a wave of executive turnover and auditor changes and raise red flags about a company’s health. 

Recommended Resources 

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

  1. "Moving So Quickly": The Latest on ESG Compliance
  2. AI Ethics Proposal Attracts Support Among Netflix Shareholders
  3. Is Apple’s Vision Pro a Gamechanger That Will Mainstream the Metaverse?

 

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