Tools
The following tools were published on KnowledgeLeader this week:
Retainage Policy
This policy states that retainage is an industry practice that allows for the justifiable withholding of a defined amount of funds for a specific time after the completion of a project. These funds are permitted to be withheld by company clients and are meant to provide assurance that engineered projects are functional and within agreed-to specifications.
Revenue Capture Policy: Patient Accounting
The purpose of this policy is to ensure that appropriate charges for a company’s supplies and/or services administered are recorded and posted to the patient account in the patient accounting system completely, accurately and timely, and consistently across all facilities.
Project Risk Management Audit Work Program
Implement the leading practices in our project risk management audit work program to strengthen your internal audit function. Leading practices include: marketing/sales and project management should jointly identify and agree upon the marketing approach and project management should continuously communicate project status to marketing/sales management.
Purchase-to-Pay Cycle Data Analytics Audit Work Program
This work program utilizes data analytics to review the purchase-to-pay cycle, including the following steps: authorization validation, exceptions to compliance thresholds, matching purchased goods to receipts and extracting payments that occurred on a weekend.Audit objectives include: ensure that requisitions are authorized and comply with corporate limits and much more.
Customer Credit Data Analytics Audit Work Program
This work program utilizes data analytics to review the customer credit process, including the following steps: Extracting customers violating limits, recalculating expected credit limits, extracting customer usage in excess of credit, and identifying revenue reversals. Audit objectives include: identify customers who have either no credit limit established or credit limits set above amounts per policy and much more.
Compliance Overview Questionnaire
This tool contains 27 sample questionnaires that provide organizations with key risks, expected key controls and questions to consider when ensuring compliance with various policies, regulations and processes. The following areas are covered in these questionnaires: Adoption Assistance, the Age Discrimination in Employment Act, Child Care, the Civil Rights Act of 1991, COBRA, Diversity and Inclusion, Employee and Employer Rights and much more.
Publications
KnowledgeLeader has also published several publications this week.
The ESG Debate: Where Does Your Company Stand?
A University of Oxford and Protiviti global survey reports that North American companies are less committed to environmental, social and governance (ESG) than their counterparts in Europe and the Asia-Pacific region. North American respondents may also be more significantly influenced by a growing number of ESG critics whose messaging makes it difficult to understand the true meaning of the concept.
How to Have a Positive “Adult Conversation” in the Workplace
Have you ever dreaded a coaching session at work, worried it might turn into an argument? “How to Have a Positive ‘Adult Conversation’ in the Workplace” offers practical advice to make these tough talks easier and more productive. Author Douglas Pflug draws from his book, “Ironwill 360° Leadership,” which provides a step-by-step guide to help you handle these conversations smoothly.
Ten Questions to Increase Your Strategic Impact as a Board Member
In June 2024, we moderated a session at an event sponsored by the National Association of Corporate Directors (NACD)1 attended by over 45 active directors. The tone of the discussion focused on the board’s interactions with the CEO on strategy, policy, execution and other matters. Several takeaways surfaced around how a director can add value in the boardroom as an independent trusted adviser to the CEO.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- Financial Leaders Need to Be AI-Curious and Risk-Aware. Here’s Why.
- Gen AI Is Out of Focus, as Ambition Outweighs Internal Expertise
- Eleven CFO-Focused Events Still to Come in 2024